Palladium Climbs to $1,270

2026-07-02 15:40 By Larissa Caser 1 min. read

Palladium climbed above $1,270 per ounce, recovering to levels last seen in early October as a weaker US dollar supported precious metals.

Oil prices continued to decline as tanker traffic normalized amid ongoing peace negotiations, although uncertainty over a lasting agreement persists.

The dollar softened after weaker-than-expected US payroll and lower inflation data reduced expectations of further Fed rate hikes this year, improving the appeal of dollar-denominated metals.

However, Fed Chair Kevin Warsh reiterated the commitment to returning inflation to its 2% target.

On the supply side, Russia's Norilsk Nickel, the world's largest palladium producer, expects output to decline 2% this year due to lower ore grades, while South African platinum group metal mines continue to face operational constraints.

Demand remains under pressure as China's electric vehicle exports surged 49% year-on-year, accelerating the demand shift away from palladium used in automotive catalytic converters.



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Palladium Climbs to $1,270
Palladium climbed above $1,270 per ounce, recovering to levels last seen in early October as a weaker US dollar supported precious metals. Oil prices continued to decline as tanker traffic normalized amid ongoing peace negotiations, although uncertainty over a lasting agreement persists. The dollar softened after weaker-than-expected US payroll and lower inflation data reduced expectations of further Fed rate hikes this year, improving the appeal of dollar-denominated metals. However, Fed Chair Kevin Warsh reiterated the commitment to returning inflation to its 2% target. On the supply side, Russia's Norilsk Nickel, the world's largest palladium producer, expects output to decline 2% this year due to lower ore grades, while South African platinum group metal mines continue to face operational constraints. Demand remains under pressure as China's electric vehicle exports surged 49% year-on-year, accelerating the demand shift away from palladium used in automotive catalytic converters.
2026-07-02
Palladium Trades Near Late-September Levels
Palladium traded below $1,230 per ounce, hovering around its late-September level as tensions in the Gulf fueled inflation concerns. Crude oil prices initially surged after Iran attacked US military sites on Sunday, raising market uncertainty, although both sides later agreed to halt hostilities and resume peace talks. Sentiment in the platinum group metals (PGM) market remains pressured by long-term inflation concerns and expectations of a hawkish Federal Reserve, with few traders pricing in three interest rate hikes this year, reducing the appeal of non-yielding assets such as palladium. Meanwhile, the PGM market is expected to post a small surplus. On the demand side, a growing electric vehicles market share reduces long-term demand for palladium used in catalytic converters for internal combustion engine vehicles, as Chinese automakers expand across borders, adding further headwinds.
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Palladium is down by 5.23%
Palladium decreased 5.23% to 1179 USD/t.oz
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