By Yihui Xie

(Bloomberg) — Platinum (PL=F) surged to its highest level since 2014 as supply concerns and a wave of speculative buying jolted the market.

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The precious metal surged almost 3%, while palladium was up more than 5% at one point. Gold (GC=F) edged higher as investors waited for clearer signs that Israel-Iran tensions won’t spill over again, and for more certainty on the Federal Reserve’s rate path.

“The recent surge in Chinese investment and jewelry replacement is shining a spotlight on platinum’s supply deficit,” said Justin Lin, an analyst at Global X ETFs. “Palladium and platinum are intrinsically linked as they can be substituted for one another for use in autocatalysts depending on relative prices, so we can expect some positive momentum in palladium off of platinum’s rally.”

The blistering rally that’s seen gold prices soar more than a quarter this year has sputtered out in the last couple of months, as trade tensions eased and on signs buyers are favoring cheaper precious metals. Solid central bank purchases and expectations for rate cuts have also supported gold, which is about $150 short of a record high.

President Donald Trump, meanwhile, said that US and Iranian officials will meet next week and Israel’s conflict with Tehran was effectively over, but still warned fighting “could maybe start soon.”

Fed Chair Jerome Powell said the central bank was still struggling to determine the impact of Trump’s tariff agenda on consumer prices. Signs that inflation remains muted could encourage the central bank to implement monetary easing sooner than expected, which would benefit non-interest-paying gold. Frustrated by the Fed’s take-it-slow approach to cutting rates, Trump is considering naming a replacement for Powell by September or October, the Wall Street Journal reported.

Platinum surged 2.7% to $1,390.98 an ounce as of 3:30 p.m. in Singapore and palladium jumped 3.3% to $1,103.20. Gold rose 0.4% to $3,345.63 and silver added 0.2%. The Bloomberg Dollar Spot Index declined 0.4%.

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