Platinum and palladium are moving in different directions heading into March 13. Platinum is softer again after its huge 2025-26 run, while palladium is steadier but still trading in a more headline-driven range. The latest Trading Economics update shows platinum at $2,149.30/oz on March 13, 2026, down 0.75% on the day. The most recent Trading Economics palladium update available is $1,660/oz on March 12, 2026, up 0.45% on that session.
Today’s pricing snapshot
Trading Economics says platinum is up 4.94% over the past month and more than 113% year over year, even after today’s dip. Palladium, by contrast, is down 2.55% over the past month but still up 73.46% from a year ago. That keeps the bigger pattern intact: platinum remains the stronger long-term performer, while palladium is still more uneven and reactive.
5 key drivers behind today’s move
1) Platinum still has a real supply-deficit story underneath it
The biggest support for platinum remains the physical market balance. On March 4, the World Platinum Investment Council said the platinum market is expected to post a 240,000-ounce deficit in 2026 after a much deeper 1.082 million-ounce deficit in 2025. WPIC also said above-ground stocks are projected to remain at just over four months of global demand, which helps explain why platinum has stayed historically elevated even during pullbacks.
2) Palladium is still being supported by Russia trade uncertainty
For palladium, one of the clearest market drivers remains U.S. trade action involving Russian material. The U.S. Department of Commerce said on February 19 that unwrought palladium from Russia is being, or is likely to be, sold in the United States at less than fair value in its preliminary determination. That keeps a risk premium in palladium because Russian supply still matters in a market that can tighten quickly on trade-policy headlines.
3) Platinum keeps benefiting from rotation away from expensive gold
Platinum has also had a demand tailwind that palladium has not matched. MarketWatch reported that “gold fatigue” helped drive platinum sharply higher as buyers and investors rotated toward platinum when gold became too expensive, especially in China. That substitution theme helps explain why platinum has continued to outperform palladium even when both metals face the same broad macro backdrop.
4) Tight mine supply is still supporting both metals
The broader platinum-group metals market is still dealing with limited mine supply. Reuters-reported analyst coverage late last year, carried by Mining.com, said 2026 platinum and palladium forecasts were raised because of tight mine supply, tariff uncertainty, and ongoing investor rotation. That does not mean straight-line gains every day, but it does help explain why dips in both metals have not fully broken the broader bullish structure.
5) Palladium still has the tougher demand story
Palladium’s challenge is that its demand base remains narrower than platinum’s. Platinum has support from jewelry, investment, and industrial demand, while palladium remains more tied to auto-sector trends and supply-risk headlines. That difference is a big reason platinum has been the cleaner outperformer, while palladium still looks more event-driven from session to session.
What to watch next
For platinum, the main question is whether the market keeps treating dips as buying opportunities because of the WPIC deficit outlook and continued substitution away from gold. For palladium, traders will be watching the Russia trade case and any new auto-demand signals. If there are fresh trade or supply headlines, palladium could still swing sharply even without a stronger long-term demand backdrop.
Bottom line
On March 13, 2026, platinum is softer on the day, but it still has the cleaner bullish setup because it combines a documented supply deficit with stronger jewelry and investment demand. Palladium is steadier based on the latest available update, but it remains the more headline-driven metal because Russia-related trade uncertainty matters a lot and its broader demand picture is less convincing.
now give me a picture
