Spot palladium extended intraday gains to 2.0%, trading at $1,208.54/oz.

U.S. initial jobless claims fell more than expected, a move that may reflect last Friday’s Juneteenth holiday; Pansen Macro analyst Samuel Thomas says weeks affected by that holiday have shown declines in claims over the past three years. Nevertheless, initial claims — a proxy for layoffs — have trended higher since early May, consistent with slowing employment growth. Thomas expects continued hiring caution to push the unemployment rate to 4.7% by year-end.

German Chancellor MERZ said Germany must quickly secure jobs and ensure German companies remain competitive at home and abroad.