Palladium Climbs Toward Two-Month High

2026-08-05 17:02 By Larissa Caser 1 min. read

Palladium futures climbed above $1,360 per ounce, heading toward a two-month high as broad gains across the precious metals complex supported prices.

Progress in US-Iran negotiations led markets to scale back expectations for a September Fed rate hike, while a weaker dollar made dollar-denominated metals more affordable for foreign buyers.

Investors now await upcoming US labor market data for further clues on the Fed's policy outlook.

US consumers continued to favor hybrid vehicles over battery-electric models in the first half of 2026, supporting demand for palladium used in catalytic converters.

However, broader demand remained under pressure as Chinese EV sales rose for a third straight month in July.

Nornickel, the world's largest palladium producer, also expects a global palladium market surplus in 2026 as rising EV adoption weakens long-term demand.



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Palladium Climbs Toward Two-Month High
Palladium futures climbed above $1,360 per ounce, heading toward a two-month high as broad gains across the precious metals complex supported prices. Progress in US-Iran negotiations led markets to scale back expectations for a September Fed rate hike, while a weaker dollar made dollar-denominated metals more affordable for foreign buyers. Investors now await upcoming US labor market data for further clues on the Fed's policy outlook. US consumers continued to favor hybrid vehicles over battery-electric models in the first half of 2026, supporting demand for palladium used in catalytic converters. However, broader demand remained under pressure as Chinese EV sales rose for a third straight month in July. Nornickel, the world's largest palladium producer, also expects a global palladium market surplus in 2026 as rising EV adoption weakens long-term demand.
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Palladium Jumps as Easing Geopolitical Risks Support Metals
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.
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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%.
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