The quick read: what happened?
Platinum and palladium both jumped today, posting solid, near-4% gains by late afternoon in New York.
- Platinum: $2,170.90/oz (+$81.00, +3.88%)
- Palladium: $1,783.00/oz (+$68.45, +3.99%)
(These are spot snapshots from JM Bullion’s live quotes: platinum ~5:50 PM ET; palladium ~5:33 PM ET.)
5 key drivers behind today’s move
1) A mild “macro tailwind”: slightly softer USD + slightly lower yields
A marginal dip in the U.S. dollar index can mechanically support USD-priced metals, and a small easing in Treasury yields can help investor appetite for non-yielding assets. Today, DXY was slightly lower and the U.S. 10-year yield eased to ~4.08%.
2) Catch-up + momentum in the PGM complex after recent volatility
When PGMs start moving, they can move fast. Liquidity is thinner than gold, and positioning/stop runs can amplify intraday swings—especially after a strong multi-month regime.
3) Auto-catalyst demand still matters (and substitution is always in the background)
Palladium demand is heavily tied to catalytic converters (auto sector), so anything that shifts expectations for internal-combustion production or emissions policy can move the needle quickly.
Meanwhile, platinum–palladium substitution in catalysts remains a recurring theme: if palladium is “too expensive,” manufacturers tend to optimize loadings over time (not overnight—but traders price the direction).
4) Supply sensitivity: South Africa (platinum) and Russia (palladium)
Platinum supply is structurally sensitive to South African mining conditions, and palladium supply is concentrated with notable Russia exposure—so markets react sharply to disruption risk. Kitco has flagged tightening supply conditions as a supportive pillar for platinum into 2026.
5) Headline-driven risk premium around Russian flows
Even if the physical market impact takes time, policy headlines can get priced immediately in a thin market. A recent report highlighted a new tariff angle tied to Russian palladium exports (not a global benchmark source, but indicative of the kind of trade-policy headline that can add risk premium).
Separately, logistics constraints affecting Russian exports more broadly have also been in the news (illustrating ongoing shipment/friction risks).
What to watch next (quick checklist)
- USD (DXY): does weakness persist or reverse?
- Rates/real yields: any further drift lower can keep the bid under precious metals
- Auto demand signals: production data, regulatory headlines, substitution chatter
- Supply headlines: South Africa operations/power/labor + Russia trade/logistics risk
- Technicals: after a ~4% day, watch for continuation vs. profit-taking back toward intraday support
Bottom line
On Feb 20, 2026, platinum (~$2,171/oz) and palladium (~$1,783/oz) both logged strong gains near +4%, driven by a mix of macro support (slightly softer USD, slightly lower yields), thin-market momentum, and the ever-present PGM tug-of-war between auto-catalyst demand and supply/geopolitical risk premium.
