07.01.202607:03:10UTC+00Palladium Retreats from Week-High

Palladium futures experienced a decline of over 5%, trading at approximately $1,723 per ounce, following a recent peak not seen in nearly a week. This drop is part of a broader downturn affecting platinum group metals. The sell-off in the precious metals market can be attributed to profit-taking and the strengthening of the US dollar, which gains ground as investors brace for crucial economic reports from the United States. The upcoming data, particularly payroll and services sector figures, are considered key to shaping the Federal Reserve's policy decisions. Remarks from Fed officials, notably Governor Stephen Miran's comments about the potential necessity for significant rate cuts this year, have heightened focus on monetary policy expectations. Earlier in the week, palladium prices saw an upward movement due to rising geopolitical tensions after the United States apprehended Venezuelan President Nicolás Maduro in a military operation. This event temporarily boosted safe-haven demand for precious metals as investors responded to the risk of increased regional instability.