Platinum and Palladium Price Trends: H1 2026 Review and Forecast
Platinum and palladium didn’t escape the volatility experienced by the precious metals complex in H1 2026.
While considered precious metals, these two platinum-group metals (PGMs) largely trade on demand from the auto sector. Both are used as catalysts to control emissions produced from internal combustion engine vehicles.
The outbreak of the Iran war may have influenced investment and industrial sentiment; however, the underlying supply/demand fundamentals for the platinum and palladium are still in the driver’s seat.
What happened to platinum and palladium prices in H1?
Platinum started the year off at US$2,137 per ounce on January 2, and soon after rallied alongside the precious metals complex to reach an all-time high near US$2,924 on January 26.
That spike up near the US$3,000 level was short-lived, and by early February platinum prices were back down to the US$2,100 level. The metal spent much of the first quarter trading in the US$2,000 to US$2,300 range.
Downside pressure came from US dollar strength and higher Treasury yields making precious metals less attractive to investors. At the same time, platinum prices were supported by the World Platinum Investment Council’s (WPIC) projection of a fourth consecutive annual platinum market deficit in 2026.
That support didn’t last long, however, and the price pressure for platinum worsened significantly in the second quarter. Although the metal managed to close at a quarterly high of US$2,197 on May 13, by June 30 the platinum price had fallen to a seventh month low of US$1565.80 as investment demand for the metal suffered a serious hit from the shifting US monetary landscape.
Platinum price, H1 2026.
Chart via the Investing News Network.
For palladium, the year began with a price of US$1,691.50 and then quickly soared along with the precious metals rally on January 26 to US$2,195.50 per ounce. But, unlike its sister metals, palladium did not reach a new all-time high.
By the end of month, palladium had pulled back considerably to a close of US$1,703.10 as changing interest rate expectations and a lower demand outlook for the metal began to weigh down prices.
For much of the remainder of the first quarter, palladium prices traded between US$1,600 and US$1,800 before sliding to a close of US$1,357.80 on March 26.
Palladium spent the second quarter of the year on a downward trend. After posting a close of US$1,601.40 on April 8, the metal traded in the US$1,400 to US$1,600 range in April and May. However, in June the palladium market faced further declines with the price falling to a nine month low of US$1,177.
Palladium price, H1 2026.
Chart via the Investing News Network.
After a strong start to the year, the second quarter proved to be a difficult one for the platinum group metals. Each posted double-digit declines in line with their precious metals sisters gold and silver.
“Platinum and palladium face quite a different set of…
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