Palladium prices fell during Tuesday trading despite a weaker dollar against most major currencies, as the industrial metal faced volatility driven by uncertainty over whether the United States will impose tariffs on Russian palladium exports.

Sibanye-Stillwater has asked the United States to consider imposing tariffs on imports of Russian palladium, a move that could add to price swings in the metal.

The Johannesburg-based company said its petition adds further uncertainty to the outlook for platinum group metals (PGMs), after a rally since the start of the year driven by lower output in South Africa during the first half and thin liquidity in the spot market.

Neal Froneman, the company’s CEO, said in a statement on its website dated July 31:

“We believe Russian palladium imports are being sold below market prices due to a number of factors, which began primarily after Russia’s invasion of Ukraine in 2022.”

He added: “Securing protection from subsidized and dumped Russian imports will allow Sibanye-Stillwater, its employees, and the entire US PGM industry to compete in a fairer environment.” The petition is expected to be decided within 13 months.

Russian company Nornickel, the world’s largest palladium producer with a 40% share of global mined output, declined to comment.

Sibanye-Stillwater, which holds assets in South Africa and the United States, reported a second consecutive annual loss last year after writing down 500 million dollars in US palladium assets amid lower prices.

Spot palladium prices have risen 31% since the start of 2025, with positive expectations for the rest of the year. Analysts surveyed by Reuters in July forecast palladium will rise in 2025 for the first time in four years, supported by platinum’s gains.

However, Heraeus analysts warned that “imposing tariffs on the Russian metal will not necessarily affect market balance, but could redirect global flows of the metal, adding to price volatility.”

According to Trade Data Monitor, Russia and South Africa are the main suppliers of palladium to the United States. China ranks second after the US as the largest buyer of the metal from Russia.

US imports of Russian palladium rose 42% year-on-year to exceed 500,000 troy ounces in the January–May period, according to Heraeus.

Palladium and other PGMs are widely used in purifying exhaust from gasoline-powered cars and have so far avoided both US sanctions on Russian companies over the war in Ukraine and any import tariffs announced by President Donald Trump.

Meanwhile, the dollar index fell 0.3% to 98.1 points as of 16:07 GMT, after hitting a high of 98.5 and a low of 98.1.

As for trading, December palladium futures fell 0.9% to 1,103.5 dollars an ounce as of 16:09 GMT.

Bitcoin fell to a seven-week low on Tuesday, as traders shunned risk assets after US President Donald Trump dismissed Federal Reserve governor Lisa Cook, in an unprecedented move that raised concerns over the central bank’s independence.

As of 01:59 a.m. Eastern time (05:59 GMT), the world’s largest cryptocurrency was down 1.8% at 110,231.8 dollars, its lowest level since July 9. It has now fallen about 12% from its record high in August above 124,000 dollars, giving up much of the gains built on expectations of imminent US rate cuts.

Trump dismisses Fed governor Lisa Cook

Trump announced Monday the dismissal of Cook over allegations of “mortgage fraud,” accusing her of providing misleading information on home ownership in a 2021 loan document.

The allegations had been referred to the Justice Department by the Federal Housing Finance Agency, but Cook denied the charges, calling the dismissal unlawful and a blow to Fed independence, according to the Washington Post.

The rare move to remove a sitting Fed board member shocked markets, heightening fears of direct political interference in monetary policy and leaving investors questioning the Fed’s ability to provide guidance free from political pressure.

It followed weeks of Trump’s criticism of Fed Chair Jerome Powell, whom he has publicly pressed to cut interest rates more aggressively.

Why is Bitcoin falling today?

Bitcoin’s decline stems from a mix of broken technical levels, massive selling by “whales,” and excessive leveraged positioning.

The coin already tested levels below 109,000 dollars before rebounding slightly above support, but the latest forecasts and technical analyses suggest Bitcoin still has room to fall further.

Current market data

As of Tuesday, August 26, 2025, Bitcoin was trading at 110,185 dollars, down 2.83% from yesterday and 11% below its record high of 124,533 dollars reached on August 14.

Losses deepened after a large investor (“whale”) sold 24,000 Bitcoin worth more than 2.7 billion dollars, temporarily pushing the coin below 109,000 dollars on Monday.

The selling pressure erased all of Bitcoin’s gains following Fed Chair Jerome Powell’s dovish remarks at the Jackson Hole conference, which had pushed the cryptocurrency above 117,000 dollars on Friday.

Oil prices fell by more than 1% on Tuesday after jumping about 2% in the previous session, as traders monitored developments in the Ukraine war and the potential disruption of Russian fuel supplies.

Brent crude dropped 1.08 dollars, or 1.57%, to 67.72 dollars a barrel by 10:40 GMT, after touching its highest level since early August in the previous session. West Texas Intermediate (WTI) crude fell 1.13 dollars, or about 1.74%, to 63.67 dollars.

Giovanni Staunovo, analyst at UBS, said: “The slight decline today is due to risk-off sentiment, with equity markets trading lower. Geopolitical factors remain under watch, particularly what Trump might do if no meeting is held between Russia and Ukraine.”

Monday’s oil rally was driven mainly by supply risks after Ukrainian strikes targeted Russian energy infrastructure, along with the possibility of new US sanctions on Russian oil.

Ukraine’s attacks, launched in response to Russia’s advances in the conflict and its bombing of Ukrainian gas and energy facilities, disrupted Russian refining and export operations and caused gasoline shortages in some regions inside Russia.

At the same time, US President Donald Trump renewed his threat to impose sanctions on Russia if no progress is made toward a peace deal within the next two weeks.

However, sources told Reuters that US and Russian officials discussed several energy deals on the sidelines of this month’s peace negotiations.

Thomas Varga, analyst at PVM Oil Associates, said: “Given the high level of uncertainty in the oil market due to the Ukraine conflict and the trade war, investors will remain reluctant to commit to any direction for long.” He added that Brent prices may remain confined within a trading range of 65 to 74 dollars in the medium term.

Ole Hansen, commodity strategist at Saxo Bank, noted that looming US tariffs against India for continuing to buy Russian oil represent another factor watched by the market. India is the third-largest buyer of Russian crude.

Indian exports could face US tariffs of up to 50% – among the highest duties imposed by Washington.

The US dollar steadied on Tuesday after a volatile start to the session, following an unprecedented move by President Donald Trump to dismiss Federal Reserve board member Lisa Cook, reigniting concerns over the central bank’s independence.

The euro and British pound were little changed against the dollar at 1.1617 dollars and 1.3461 dollars respectively, in line with muted moves in other currencies such as the Japanese yen and Swiss franc.

The dollar index, which measures the US currency against six others, held at 98.42, recovering from a roughly 0.4% decline after Trump announced the dismissal in a letter to Cook published on social media.

The move marked a sharp escalation in Trump’s battle with the Fed, as he has repeatedly criticized Chair Jerome Powell for not cutting rates, though he has stopped short of threatening Powell’s removal with less than nine months left in his term.

Kenneth Broux, head of FX and rates research at Société Générale, said: “The story has been expected for a while,” referring to Trump’s ongoing pressure to reduce borrowing costs.

Trump justified his decision in the letter by citing allegations of “misconduct in obtaining mortgage loans.” But Cook responded that the president has no legal authority to dismiss her from the central bank, insisting she would not resign.

Markets are currently pricing in an 82% probability of a rate cut at the Fed’s September meeting. While investors may lean toward selling the dollar, persistent economic and financial concerns in Europe are limiting alternatives for betting against the US currency, according to Broux.

In Europe, French government bonds fell as the risk of a minority government collapse increased ahead of next month’s confidence vote, after opposition parties said they would not support Prime Minister François Bayrou’s budget-cutting plans. The 10-year government bond yield jumped about 4 basis points to 3.53%, its highest level since March.

ING analysts wrote in a note: “The broader question for the euro is whether the latest French news will shake investor appetite for the single currency as a whole, or remain an isolated French problem.”

In Asia, offshore Chinese yuan traded at 7.1635 per dollar, near its strongest level in a month, supported by gains in Chinese equities.

Cryptocurrencies remained volatile, with Bitcoin up 0.5% as it attempted to break a three-day losing streak, while Ether rose 1.5%.