Palladium Price Today — What You Need to Know
The palladium price today is quoted as XPD/USD — the ISO ticker for palladium against the US Dollar — representing the cost of one troy ounce of pure palladium (999.5 fine) for immediate spot market delivery. Palladium trades on COMEX in New York and the London Platinum and Palladium Market (LPPM), with additional OTC liquidity from desks in Zurich and Tokyo.
What is palladium and why is it so rare?
Palladium is a member of the Platinum Group Metals (PGMs), alongside platinum, rhodium, ruthenium, iridium, and osmium. It is one of the rarest elements on Earth — annual mine production is only around 210 tonnes, compared to over 3,300 tonnes for gold. More than 80% of global palladium supply comes from just two countries: Russia (via Norilsk Nickel) and South Africa. This extreme geographic concentration makes supply highly vulnerable to sanctions, geopolitical tensions, and operational disruptions.
What moves the palladium price?
- Gasoline vehicle production: Palladium is the dominant catalyst metal in petrol and hybrid engine catalytic converters. Global auto output — especially in China and the US — is the single biggest demand driver.
- Emissions regulations: Stricter vehicle emissions standards (Euro 7, China 6) require more palladium per vehicle, amplifying demand.
- Russian supply risk: Russia supplies roughly 40% of global palladium. Sanctions, export restrictions, or operational issues at Norilsk Nickel can immediately tighten the market.
- EV transition: Electric vehicles do not use catalytic converters, so accelerating EV adoption is a long-term headwind for palladium demand.
- Platinum substitution: Automakers can partially substitute platinum for palladium in petrol catalysts, which creates a price ceiling effect.
- US Dollar strength: Like all precious metals, palladium has an inverse relationship with a strengthening USD.
Palladium vs. platinum
Palladium and platinum are closely related PGMs but serve different roles in the automotive market. Palladium dominates gasoline engine catalytic converters, while platinum is preferred for diesel engines. Following the 2015 Volkswagen dieselgate scandal, diesel vehicle sales collapsed in Europe, shifting demand sharply from platinum to palladium and driving palladium to record highs above $3,000/oz in early 2022. Since then, prices have corrected as the EV transition and platinum substitution have weighed on demand.
Palladium price history
- 2000: First major spike above $1,000/oz during a Russian supply squeeze, followed by a crash to below $200/oz
- 2008: Falls below $160/oz during the financial crisis
- 2019: Surpasses gold price for the first time on chronic supply deficits
- 2022: All-time high above $3,000/oz following Russia's invasion of Ukraine and supply fears
- 2023–25: Sharp correction to $900–$1,100/oz range as EV growth and substitution reduce demand outlook
How to invest in palladium
Investors can gain palladium exposure through physical bullion (bars and coins such as the Canadian Palladium Maple Leaf), allocated accounts via platforms like BullionVault, ETFs tracking the palladium spot price, or COMEX futures contracts. Physical palladium carries a dealer premium of typically 3–8% above spot for standard bullion products.