[SMM Precious Metals Express]

Published: Aug 5, 2026 10:13

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On August 4, NYMEX platinum and palladium posted their largest single-day rally since February. Platinum closed at $1,746.8/oz (+7.41%), while palladium settled at $1,350.5/oz (+7.47%).

U.S. Section 232 tariff expansion lifted PGMs’ tail-risk premium. The Commerce Department proposed extending tariff controls to 14 metal downstream products. Although PGMs were not covered, the policy tightening boosted market risk concerns.The 180-day negotiation window for the PGM-related Section 232 probe expired on July 13. Unresolved policy uncertainties raised expectations of potential U.S. import restrictions on Pt and Pd.

Geopolitically, the expected US-Iran deal to reopen of Hormuz pressured crude prices lower. Cooling inflation eased Fed rate hike bets, providing support for precious metals.

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