A catalyst for treating fuel combustion exhaust, the catalyst comprising the following components: (i) an oxide support comprising silicon oxide, aluminum oxide, or combination of silicon and aluminum oxides; (ii) cerium oxide, zirconium oxide, or a combination of cerium and zirconium oxides in contact with said oxide support; and (iii) nanoparticles comprising elemental palladium or platinum in contact with at least component (ii), wherein said palladium or platinum is present in an amount of 0.1-4 wt. % by weight of the particles, and wherein surfaces of said nanoparticles of elemental palladium or palladium are exposed and accessible to said fuel combustion exhaust. Methods of producing and using the catalyst are also described.