Palladium and Silver Tumble, Driven by Oil Spikes and Inflation Fears

Palladium prices dropped 0.7% on Friday during a broad precious metals sell-off. Silver plunged nearly 6% while platinum lost over 2%.

Investors exited these non-yielding assets due to persistent inflation concerns. WTI crude oil climbed above $102 a barrel amid tensions in the Strait of Hormuz.

High energy costs pushed the U.S. dollar higher and sent Treasury yields toward one-year highs. Markets are now pricing in higher interest rates, reducing the appeal of precious metals.