Palladium Extends Gains to One-Week High

Published: Aug 24, 2026 14:32 (GMT+8)

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[SMMFlash] Palladium futures rose to around USD 1,350/oz on August 21, extending gains to a one-week high as a weaker US dollar and renewed demand for precious metals supported prices.

The US dollar weakened after the US Treasury unexpectedly increased long-dated debt buybacks, with Treasury Secretary Scott Bessent indicating that purchases could exceed USD 4 billion per issue. Lower yield pressures initially supported non-yielding precious metals, while broader gains across the precious-metals complex, with gold on track for a third consecutive weekly gain, provided additional support.

However, rising Treasury yields and higher energy prices could limit further gains by sustaining inflation concerns and expectations for tighter monetary policy. Geopolitical tensions between the US and Iran also supported safe-haven demand. Meanwhile, supply-side concerns remained supportive, with lower Russian palladium output and reduced refined production linked to processing disruptions in South Africa adding to the market's underlying tightness.

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