15.07.202603:18:15UTC+00Palladium Hits Four-Week High

Palladium climbed toward $1,310 per ounce, hitting a four-week high as softer-than-expected US inflation strengthened expectations that the Federal Reserve will leave interest rates unchanged. US consumer inflation slowed to 3.5% year-on-year in June from 4.2% in May, leading traders to abandon forecasts of a rate hike at the Fed's July 28–29 meeting. The US dollar also weakened, making dollar-denominated precious metals more attractive to overseas buyers.

At the same time, investors tracked developments in the Middle East after President Donald Trump scrapped a proposed 20% levy on cargo shipments through the Strait of Hormuz, while Brent crude hovered near $86 a barrel, having surged 11% over the previous two sessions amid renewed US threats to strike Iranian targets.

In corporate news, Sibanye-Stillwater unveiled plans to advance seven platinum group metals projects in South Africa. The company said the first phase is ahead of schedule, with production expected to start in March next year.