Neither the Chinese economy nor the global auto sector is looking rosy this year, yet palladium, which is used for making the catalytic converters that purify gasoline emissions, is in a bullish world of its own. The spot price of the silvery-white metal smashed past the $1,600 level for the first time in a second-straight day of record highs on Tuesday amid expectations of continued scarcity in the commodity produced mainly in Russia and South Africa. Spot palladium was up $6.95, or 0.4%, at 1,585.25 per ounce, after setting an all-time high of $1,602.30. Palladium futures, traded on the Comex division of the New York Mercantile Exchange, rose by $8.20, or 0.5%, to $1,547.90 per ounce after a peak at $1,563.60. Other precious metals, led by gold, also rallied as the dollar traded near three-week low on bets that the Federal Reserve will announce another hold in interest rates on Wednesday at the end of its March meeting. The dollar index, which measures the greenback against a basket of six currencies, slid by 0.2% to 95.782, after sliding to 95.732 earlier, its lowest since Feb. 28.