Platinum and palladium are both higher today, but the story is mostly about platinum’s outsized rebound. By mid-afternoon in New York, platinum is up more than 7% on the day, while palladium is posting a modest gain.
Today’s pricing snapshot (JM Bullion live spot quotes)
- Platinum: $2,341.70/oz, +$159.20 (+7.29%) (as of Feb 25, 2026 at 02:26 PM ET)
- Palladium: $1,822.40/oz, +$10.95 (+0.60%) (as of Feb 25, 2026 at 02:35 PM ET)
5 key drivers behind today’s move
1) Platinum is snapping back after a sharp pullback
Platinum’s +7.29% pop reads like a classic “rebound day” in a volatile tape—especially since benchmark pricing has still been down over the past month even after today’s jump.
2) Macro is (slightly) supportive: softer dollar, but yields ticked up
- The U.S. dollar index (DXY) is lower on the day (tailwind for USD-priced metals).
- The U.S. 10-year yield is around ~4.04–4.05%, edging up slightly (a mild headwind).
Net effect: macro isn’t doing all the work here, but it isn’t blocking the move either.
3) Auto-catalyst demand still anchors both metals
PGMs remain tightly linked to internal-combustion and hybrid production through catalytic converters, so any shift in growth expectations or auto headlines can move both metals quickly (and often more violently than gold/silver).
4) Trade/tariff risk remains a palladium-specific wildcard
Palladium is especially sensitive to Russia-linked trade policy. Reuters reporting (via MINING.com) notes the U.S. Commerce Department gave initial backing to Sibanye-Stillwater’s call for tariffs on Russian palladium imports—an ongoing headline that can keep a risk premium embedded in pricing.
5) Supply concentration + thin liquidity amplifies headline days
With supply heavily tied to South Africa (platinum) and Russia (palladium), the market tends to reprice risk quickly. Analysts have previously pointed to tight mine supply and tariff uncertainty as supportive pillars for both metals into 2026—helpful context for why sharp moves can happen fast.
What to watch next
- DXY + real yields: does the dollar keep easing, and do yields stay contained?
- Auto production / emissions headlines (core demand channel)
- South Africa operations + Russia trade headlines (supply risk premium)
- Pt–Pd spread & substitution narrative (relative value matters for catalysts over time)
- Technicals/positioning: after a +7% day, expect volatility around key levels
Bottom line
On Feb 25, 2026, platinum ($2,341.70, +7.29%) is leading the PGM complex with a sharp rebound, while palladium ($1,822.40, +0.60%) is moving higher more quietly. The move fits a blend of rebound/positioning, mild macro support (softer USD), and persistent PGM-specific uncertainty around supply concentration and trade/tariff risk.
