Oil Prices Above $100 Weigh Heavily on Platinum and Palladium

Platinum and palladium prices are feeling the heat as oil surpasses $100 per barrel, causing concerns about inflation, production expenses, and vehicle sales. Higher Treasury yields and a stronger U.S. dollar have also reduced demand for precious metals.

The Federal Reserve's potential rate hike has brought key support levels into focus: $1,700 for platinum (XPL) and $1,200 for palladium (XPD). According to the article, 'both markets need lower oil prices and softer rate expectations to begin a sustainable recovery.'

Rising energy costs have increased pressure on both precious metals, leading to renewed selling. However, in the long term, platinum is seen as having a strong outlook, but only with the right conditions.