The palladium price stands at $1,245.00 per troy ounce as of 3 August 2026, according to Trading Economics, down 2.85% on the day even as the metal recovers from a deeper late-July trough. The palladium price is down 2.05% over the past month, but has swung back to a positive 2.64% year-on-year reading — a reversal from the sharply negative 28.25% year-on-year figure reported in July. The metal’s recovery this cycle tracks a broader precious metals rebound, with Trading Economics linking the move to easing Middle East tensions, a softer US dollar, and renewed diplomatic engagement over Iran.
Current Palladium Price
The table below shows the current palladium price across the primary international benchmark. Trading Economics tracks over-the-counter (OTC) and contract for difference (CFD) instruments referencing NYMEX palladium futures. SMM (Shanghai Metals Market) domestic Chinese figures for palladium ingot and powder are shown below — note that the exact correspondence between this cycle’s SMM line labels and the page’s prior “Ingot (imported)” / “Spongy Powder” categories has not been independently confirmed and is presented on a best-match basis.
| Benchmark | Price (USD/troy oz) | Change | Date |
|---|---|---|---|
| NYMEX/OTC Spot (Trading Economics) | $1,245.00 | -2.85% (day) | 3 Aug 2026 |
| 1-Month Change | -2.05% | — | 3 Aug 2026 |
| Year-on-Year Change | +2.64% | — | 3 Aug 2026 |
| SMM Palladium (Imported) | $1,447.10 | +10.5% vs prior “Ingot (imported)” reading | 3 Aug 2026 |
| SMM China Palladium | $1,398.86 | +10.4% vs prior “Spongy Powder” reading | 3 Aug 2026 |
Palladium futures are traded in standard contracts of 100 troy ounces on the London Platinum and Palladium Market (LPPM) and the New York Mercantile Exchange (NYMEX). The spread between the international OTC price and SMM domestic Chinese figures reflects VAT treatment, import logistics, and local market structure — the benchmarks serve different buyer bases and should not be compared directly. Both SMM lines above have risen this cycle in absolute terms, though they remain a step above the NYMEX/OTC benchmark, consistent with the persistent domestic-China premium structure seen across several other metals this session.
Palladium Price Per Gram, Per Ounce and Per Pound
The table below converts the current palladium price from the standard per-troy-ounce benchmark into the units most commonly used by smaller buyers, electronics manufacturers, and industrial procurement teams.
| Unit | Palladium Price (USD) | Notes |
|---|---|---|
| Per troy ounce | $1,245.00 | NYMEX/OTC benchmark, Aug 2026 |
| Per kilogram | $40,027.65 | Calculated: troy oz ÷ 0.0311035 |
| Per gram | $40.03 | Calculated from per-kg rate |
| Per pound (lb) | $18,156.54 | 1 lb = 453.6g |
Prices are indicative and updated monthly. For contract pricing, consult the LPPM or SMM directly.
Palladium Price History
The palladium price reached an all-time high of $2,981.40 per troy ounce on 3 May 2021, driven by acute supply constraints stemming from Russian export delays and surging automotive catalytic converter demand during the post-pandemic vehicle production recovery. That peak represented a more than 30-fold increase from the 1984 historical low of $78.00 per troy ounce.
The price then declined sharply over the following years as the Russian supply situation stabilised, above-ground stocks were drawn down, and the long-term demand outlook for autocatalysts weakened as EV penetration accelerated. July’s steep fall to $1,187.50 — which briefly pushed the metal into negative year-on-year territory — has now partially reversed: palladium has recovered to $1,245.00, restoring a modest positive year-on-year reading. This bounce coincides with a broader precious metals rally rather than any palladium-specific catalyst.
| Period | Palladium Price (USD/troy oz) | Notes |
|---|---|---|
| All-time high | $2,981.40 | 3 May 2021 |
| Mid-June 2026 rebound | $1,368.50 | 16 Jun 2026 |
| 1 July 2026 | $1,187.50 | Prior reading — briefly negative YoY |
| 3 August 2026 | $1,245.00 | Current — recovering, back to positive YoY |
| 1-month change (to Aug) | -2.05% | vs 1 Jul 2026 |
| Year-on-year change | +2.64% | vs Aug 2025 — reversing July’s -28.25% reading |
| Historical low | $78.00 | 1984 |
A notable episode in palladium price history occurred in January 2001, when Russian export delays created a market panic that drove prices to a then-record $1,340 per troy ounce — prompting Ford Motor Company to stockpile the metal. When prices subsequently fell, Ford lost nearly $1 billion on those holdings. The episode illustrates the acute sensitivity of the palladium price to Russian supply availability, a dynamic that has continued to influence the market through sanctions-related uncertainty in 2022–2026. The current $1,245.00 spot price remains close to that 2001 panic-era peak in nominal terms, though August’s partial recovery has moved it modestly back above July’s low.
Palladium Price in USD, EUR, GBP and Other Currencies
Critical minerals prices are benchmarked in USD, but palladium is sourced, processed, and consumed across multiple currency zones. Russian producers operate in RUB; European automotive OEMs procure in EUR; Japanese electronics manufacturers transact in JPY. The table below converts the current palladium price into the six currencies most relevant to CMN’s readership, using mid-market exchange rates.
| Currency | Palladium Price (per troy oz) | Exchange Rate (vs USD) |
|---|---|---|
| USD (benchmark) | $1,245.00 | — |
| EUR | €1,080.29 | 1 USD = 0.8677 EUR |
| GBP | £925.16 | 1 USD = 0.7431 GBP |
| JPY | ¥195,151 | 1 USD = 156.748 JPY |
| CNY | ¥8,405.87 | 1 USD = 6.7519 CNY |
| AUD | A$1,774.49 | 1 USD = 1.4253 AUD |
Exchange rates: Google Finance/XE, August 2026. CNY figures reflect the USD/CNY mid-market rate and do not represent the SMM domestic Chinese price, which incorporates VAT and may differ materially.
What Drives the Palladium Price?
The palladium price is shaped by a small number of dominant variables that differ in important ways from broader commodity markets.
Autocatalyst Demand
More than half of annual palladium supply is consumed by catalytic converters for petrol and hybrid internal combustion engine vehicles. Catalytic converters convert up to 90% of harmful exhaust gases — including hydrocarbons, carbon monoxide, and nitrogen dioxide — into less harmful substances. This single end-use dominance makes the palladium price acutely sensitive to global light vehicle production volumes and, critically, to the pace of the transition from internal combustion engines to battery electric vehicles. As BEV penetration increases, baseline autocatalyst demand faces structural erosion — a key reason the palladium price remains well below its 2021 highs even as it recovers modestly from July’s low.
Supply Concentration
Russia and South Africa together account for 70–80% of global palladium mine output. Russia’s Norilsk Nickel is the single largest producer, responsible for approximately 39–44% of world supply. South African production comes primarily from the Bushveld Igneous Complex via Anglo American Platinum, Impala Platinum, Sibanye-Stillwater, and Northam Platinum. The extreme geographic concentration of supply — in two jurisdictions with distinct geopolitical risk profiles — is a persistent volatility driver for the palladium price, though this month’s recovery appears tied to broader precious-metals sentiment rather than any supply-specific development. Russian sanctions uncertainty has been a recurring market concern since 2022.
Platinum-for-Palladium Substitution
Automotive manufacturers have the technical capability to substitute platinum for palladium in petrol catalytic converters, and vice versa, though the process requires re-engineering catalyst formulations and is not immediate. Palladium continues to trade at a discount to platinum on the NYMEX/OTC benchmark, maintaining the substitution incentive noted in prior updates — a current platinum NYMEX/OTC comparison figure was not available this cycle to confirm the exact spread, and should be added once refreshed.
Electronics and Industrial Demand
Beyond autocatalysts, palladium is used in multi-layer ceramic capacitors (MLCCs) for consumer electronics, hydrogen purification membranes, dental alloys, and fine chemical synthesis catalysts. Electronics demand consumed over 33 tonnes of palladium in the mid-2000s and has grown since. These diversified industrial applications provide a demand floor independent of automotive volumes, though they represent a smaller share of the market than autocatalysts.
Recycling Supply
Palladium is recovered at meaningful scale from scrapped catalytic converters, providing a secondary supply stream that can expand when prices are high. Recycling volumes are closely tied to the age profile of the global vehicle fleet and scrappage rates — older vehicles reaching end-of-life produce more available palladium for recovery. This recycling dynamic acts as a partial price ceiling, since higher prices incentivise greater recovery effort.
Palladium Market Outlook
The medium-term outlook for the palladium price is more contested than for most critical minerals. The core tension is straightforward: near-term supply remains tied to geopolitically sensitive jurisdictions, while long-term demand faces a structural ceiling as battery electric vehicles displace internal combustion engines across major automotive markets. August’s recovery — restoring a positive year-on-year reading after July’s brief dip into negative territory — suggests the July weakness was more a macro-driven wobble than the start of a durable downtrend, though one month of recovery is not enough to confirm that view.
Hybrid vehicle growth — which sustains autocatalyst demand — provided more support than many analysts anticipated through 2025 and into mid-2026. Pure BEV penetration has been slower than some projections in key markets including the US, Germany, and China, extending the demand runway for palladium-containing catalysts. However, Chinese EV adoption has accelerated significantly, and China represents the world’s largest automotive market — a factor that will remain relevant even as near-term sentiment improves.
Norilsk Nickel’s production guidance and any developments affecting Russian palladium export availability remain the most significant near-term price catalysts. A material disruption to Russian supply — whether through sanctions escalation or operational issues — could reprice palladium sharply, as demonstrated in 2021–2022. This month’s recovery, driven by easing geopolitical tension and a softer dollar rather than any palladium-specific news, is consistent with the metal’s broader status as a macro-sensitive precious metal alongside gold, silver, and platinum.
For broader context on platinum group metals supply chains and their role in automotive and defence applications, see CMN’s coverage in the Supply Chain section.
This article is for informational purposes only and does not constitute investment advice. Prices are subject to change without notice.
What is the current palladium price?
As of 16 June 2026, the palladium price is $1,368.50 per troy ounce on the international OTC/NYMEX market, according to Trading Economics. The Shanghai Metals Market quotes the China domestic palladium ingot (imported) price at $1,309.83 per troy ounce, with 13% VAT deducted. See the price tables above for the latest figures, which are updated monthly.
What is the palladium price per gram?
Based on a spot price of $1,368.50 per troy ounce, the palladium price per gram works out to approximately $44.03. The SMM domestic Chinese market separately quotes palladium ingot at $1,309.83 per troy ounce, which reflects VAT treatment, import logistics, and local market conditions and is not directly comparable to the international benchmark.
Why has the palladium price fallen from its highs?
The palladium price reached an all-time high of $2,981.40 per troy ounce in May 2021, driven by Russian supply disruptions and surging post-pandemic automotive demand. Prices have since declined by more than half, reflecting stabilised Russian supply, above-ground stock drawdowns, and growing long-term demand uncertainty as battery electric vehicle adoption displaces internal combustion engine vehicles and reduces baseline autocatalyst demand. Despite the decline from peak, palladium remains approximately 31% higher year-on-year as of June 2026.
Who produces the most palladium?
Russia and South Africa together account for 70–80% of global palladium mine production. Russia’s Norilsk Nickel is the single largest producer globally, responsible for approximately 39–44% of world output. South African production comes primarily from the Bushveld Igneous Complex, with the major producers including Anglo American Platinum, Impala Platinum, Sibanye-Stillwater, and Northam Platinum. Smaller contributions come from the United States, Canada, and Zimbabwe.
What is palladium used for?
The dominant use of palladium is in catalytic converters for petrol and hybrid internal combustion engine vehicles, which account for more than half of annual demand. Palladium catalysts convert harmful exhaust gases into less harmful substances. Beyond autocatalysts, palladium is used in multi-layer ceramic capacitors for consumer electronics, hydrogen purification membranes, dental alloys, jewellery, and as a catalyst in fine chemical synthesis. It also has a role in photography (platinotype printing) and has been investigated for hydrogen storage applications.
What is the palladium price forecast?
Palladium price forecasts vary significantly depending on assumptions about EV adoption rates, Russian supply availability, and autocatalyst substitution dynamics. Near-term support comes from hybrid vehicle demand and tight mine supply, while the long-term structural outlook is pressured by battery electric vehicle growth displacing catalytic converter demand. These are complex, contested variables — consult the World Platinum Investment Council and Johnson Matthey’s PGM market reports for detailed supply-demand modelling. This page provides current price data; forecasts should be sourced from specialist analysts and do not constitute investment advice.
How does the palladium price compare to platinum?
As of June 2026, palladium trades at approximately $1,368 per troy ounce compared to platinum at approximately $1,809 per troy ounce — meaning palladium is priced at a material discount to platinum. This is a reversal of the relationship that prevailed from roughly 2018 to 2022, when palladium commanded a significant premium to platinum. The current discount partly reflects palladium’s more challenging long-term demand outlook relative to platinum, which benefits from hydrogen economy applications alongside its autocatalyst role.
