Palladium price & history

Palladium had one of the most dramatic rises and falls of any metal in the modern era. After trading above $2,000 per ounce for much of the early 2020s, the metal peaked at $3,180 per ounce in March 2022 following Russia’s invasion of Ukraine, as markets panicked over supply from the world’s dominant producer.

The correction that followed was brutal. Palladium slid throughout 2023, falling from $1,800 per ounce in January to $1,098 by December – a drop of nearly 40%. Through most of 2024, it largely traded in the $900 to $1,100 range, a far cry from its record highs, as markets absorbed the reality that EV adoption was eating into catalytic converter demand and automakers were actively substituting cheaper platinum wherever possible.

The balance may be turning. Johnson Matthey’s 14 May 2026 report says palladium could move into a small surplus in 2026 after deficits from 2012 through 2025. It forecasts total demand falling 9%, with lower gasoline-car production weighing on automotive consumption. This is a dated market forecast, not a price target.

The longer-term trajectory also depends on supply. The same Johnson Matthey assessment expects falling Russian mine production alongside a recovery in automotive recycling. Our reading: vehicle mix alone cannot explain the whole balance. Compare consumption, mine output and recycled metal together, then examine the entry and exit terms in the palladium investment guide.