Platinum and palladium are trading with a split tone on March 18. Platinum is lower on the day after its huge 2025-26 run, while palladium’s latest available market quote remains firmer than it was earlier this month, though still well below its 2022 peak. Trading Economics shows platinum at $2,097.50/oz, down 1.83% on March 18. For palladium, the latest Trading Economics update available shows $1,600.50/oz on March 16, up 1.30% that day.
Today’s pricing snapshot
Platinum is still up 1.39% over the past month and 107.76% year over year, even after today’s decline. Palladium, by contrast, is down 4.79% over the past month but still up 67.07% from a year ago based on the latest available Trading Economics reading. That keeps the broader pattern intact: platinum has held the stronger trend, while palladium remains more uneven and headline-sensitive.
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. WPIC’s January 2026 five-year outlook says deficits are expected to continue for the foreseeable future, and recent coverage of WPIC’s March outlook says 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.
2) Palladium is still being driven by Russia trade uncertainty
For palladium, one of the clearest market drivers remains the U.S. trade case involving Russian supply. The U.S. International Trade Commission published a February 24 notice scheduling the final phase of antidumping and countervailing-duty investigations into unwrought palladium from Russia, after Commerce preliminarily determined the metal was being sold in the U.S. at less than fair value.
3) Platinum is still benefiting from substitution away from expensive gold
Platinum has also had a demand tailwind that palladium has not matched. CME Group said platinum jewelry demand has been supported by platinum’s discount to gold and a more diversified global demand base. That substitution theme helps explain why platinum has held up better than palladium even when both metals face the same macro backdrop.
4) Tight mine supply is still supporting both metals
The broader PGM market is still dealing with constrained mine supply. Trading Economics notes that palladium’s market remains tight, citing output disruptions in South Africa and ongoing uncertainty over Russian exports. Platinum’s WPIC outlook likewise points to continued deficits rather than a fast return to surplus.
5) Palladium still has the tougher demand story
Palladium’s challenge is that its demand base remains narrower than platinum’s. CME Group notes palladium’s importance in autocatalysts and industrial uses, but platinum has broader support from jewelry, investment, and industrial demand. That difference is one reason platinum has maintained monthly gains while palladium has slipped over the same period.
What to watch next
For platinum, the main question is whether the market keeps treating dips as buying opportunities because of the deficit outlook and continued substitution away from gold. For palladium, traders will keep watching the Russia trade case and any new auto-demand signals. Those two themes are likely to keep platinum steadier and palladium more volatile near term.
Bottom line
On March 18, 2026, platinum still has the cleaner bullish setup because it combines ongoing supply deficits with stronger jewelry demand and better long-term momentum. Palladium remains the more headline-driven metal because Russia-related trade risk matters a lot and its demand picture is less convincing.
