Palladium Pulls Back After Mid-October High

2025-11-03 14:06 By Dongting Liu 1 min. read

Palladium hovered around $1,390 an ounce, retreating from a mid-October peak of $1,655, as expectations for further Federal Reserve rate cuts softened and safe-haven demand eased following the US-China trade agreement.

The Fed delivered a widely anticipated 25-basis-point rate cut last week, but with economic data constrained by the ongoing US government shutdown, Chair Jerome Powell indicated a December reduction is not guaranteed.

Despite the recent pullback, palladium has gained roughly 35% year-to-date, underpinned by robust investor demand for precious metals and persistent short-term supply deficits.

Market support is further bolstered by US supply-security and trade measures, including the Section 232 critical minerals investigation and Sibanye’s antidumping petition, while Nymex inventories have surged to a decade high amid precautionary stockpiling.



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