Platinum and palladium are both higher on April 22, with platinum posting the stronger move. Trading Economics shows platinum at $2,098.60/oz, up 2.83% on the day, while palladium is around $1,558-$1,560.50/oz, up about 1.10%-1.27%. Both metals are rising today, but platinum still has the cleaner structural story underneath the market.
Today’s pricing snapshot
According to Trading Economics, platinum is up 12.60% over the past month and 116.82% year over year. Palladium is up about 8.80%-8.97% over the past month and roughly 66.10%-66.36% from a year ago. That keeps the broader pattern intact: both metals are far above year-ago levels, but platinum remains the stronger long-term performer.
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 said in its March 2026 quarterly update that the platinum market is expected to post a 240 koz deficit in 2026 after a much deeper 1,082 koz deficit in 2025. WPIC also said 2025 demand reached a nine-year high, supported by strong investment and jewelry demand.
2) Platinum is still trading below its January spike, so today looks more like a rebound than a breakout
Trading Economics says platinum’s all-time high was $2,923.70/oz in January 2026. With the metal still well below that peak but rising strongly today, the current move looks more like continued recovery inside a still-elevated market than a brand-new breakout to highs. That reading is an inference from the latest price level relative to the January record.
3) 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 scheduled the final phase of antidumping and countervailing-duty investigations into unwrought palladium from Russia after Commerce’s preliminary finding that the metal was being sold at less than fair value. That keeps a risk premium in palladium because Russian supply still matters in a market that can tighten quickly.
4) Platinum still has broader demand support than palladium
WPIC’s March outlook says 2026 platinum demand is still expected to remain substantial, and strong investor sentiment has helped keep ETF holdings more stable than previously expected. That matters because platinum benefits from jewelry, investment, and industrial demand, while palladium remains much more concentrated in auto-related uses and supply headlines.
5) Palladium is up today, but its market still looks narrower and more headline-sensitive
Palladium’s latest daily rise is real, but its one-month and one-year gains still trail platinum’s. That gap fits the broader market view that palladium is more dependent on trade-risk and supply headlines, while platinum has a stronger underlying balance thanks to persistent deficits and broader demand support. This comparison is an inference from the current Trading Economics price trends and the WPIC supply-demand outlook.
What to watch next
For platinum, the key question is whether buyers keep stepping in because the deficit outlook is still intact. For palladium, traders will keep watching the Russia trade case as it moves through its final phase. Those two themes are likely to keep platinum steadier and palladium more volatile near term.
Bottom line
On April 22, 2026, both platinum and palladium are higher, but the market case still looks cleaner for platinum. Platinum combines an ongoing supply deficit with broader demand support, while palladium remains the more headline-driven metal because Russia-related trade uncertainty is still a major part of its story.
