Palladium Hits 6-week High

Palladium futures climbed above $1,300 per ounce, reaching their highest level since mid-June as precious metals advanced on optimism surrounding diplomatic efforts to ease US-Iran tensions. US Treasury Secretary Scott Bessent said a deal to reopen the Strait of Hormuz could be reached as soon as today or tomorrow, while Qatari Foreign Ministry spokesperson Majed al-Ansari said negotiations remain underway, with de-escalation and reopening the vital waterway remaining the top priorities. The developments prompted markets to lower expectations for a September Fed rate hike, as easing oil prices could reduce inflationary pressures. Investors are now awaiting upcoming US labor market data for further clues on the Fed's policy outlook.

Palladium increased to 1328.00 USD/t.oz, the highest since June 2026. Over the past 4 weeks, Palladium gained 4.41%, and in the last 12 months, it increased 13.18%.

Palladium increased 5.01% to 1319.5 USD/t.oz