🔥 XPD leads today (+4.8%)

• Gold $4,702.70 (-0.09%) — firmer DXY is capping upside, but the 5-day uptrend says dip buyers still own the tape.
• Silver $73.17 (+1.20%) — beating gold on hybrid monetary/cyclical demand; strong move, but watch for ratio mean reversion.
• Palladium $1,515.00 (+4.77%) — supply-risk squeeze is on; 34.6% 1h vol says positioning stress, not orderly buying.
• Platinum $1,999.90 (+3.88%) — riding the PGM bid into $2,000, but Asia's 49% vol screams unstable momentum.

Most active: XPD

The real tell is divergence: gold is barely down despite a firmer dollar, while palladium and platinum are ripping on supply-risk fear. If that PGM spike survives beyond Asia, it is a genuine regime shift; if not, this was a thin-market squeeze traders should fade carefully.

Key Driver XPD Palladium (XPD) (+4.8%) is the market's key driver: Russia refinery drone-attack headlines have lit a supply-risk squeeze in a thin PGM tape, and XPD's 34.6% rolling 1h volatility with 42.5% Asia session vol shows stress-driven repricing rather than a clean macro bid.

Fuel reservoir hit at Russia’s Primorsk, NORSI refinery on fire after drone attacks