Platinum and palladium are both higher today, with platinum again leading the move. The platinum market is being supported by tight supply, a continuing deficit outlook, strong investment demand, and broader precious-metals momentum. Palladium is also firmer, but its setup remains more headline-driven because traders are still watching Russia supply risk, auto demand, recycling trends, and trade-policy developments.
Today’s pricing snapshot
According to Trading Economics CFD benchmarks, platinum rose to about $2,191.40/oz on May 13, 2026, up roughly 3.41% on the day. Platinum is also up about 4.32% over the past month and roughly 123.98% year over year, keeping it one of the strongest-performing major precious metals over the past 12 months.
Palladium rose to about $1,506.50/oz on May 13, 2026, up roughly 1.07% on the day. Palladium is still down about 5.34% over the past month, but it remains up roughly 58.91% year over year, showing that supply-risk concerns are still supporting prices even after recent weakness.
5 key drivers behind today’s move
1) Platinum is rallying on a strong deficit story
The biggest support under platinum remains the supply-demand balance. The World Platinum Investment Council expects the platinum market to post a 240,000-ounce deficit in 2026, following a much larger 1.082 million-ounce deficit in 2025. WPIC also said depleted above-ground stocks are projected to remain at just over four months of global demand through 2026.
That tight market backdrop continues to make platinum attractive whenever investors rotate into precious or strategic metals.
2) Investment demand is adding fuel to platinum’s move
Platinum is also being supported by stronger investment demand. WPIC expects bar and coin investment demand to jump 35% to 725,000 ounces in 2026, with gains expected across global markets.
That matters because investment demand can tighten available supply faster when the physical market is already running in deficit.
3) Palladium is bouncing, but Russia supply risk remains the main catalyst
Palladium is higher today, but the market remains sensitive to Russian supply and trade-policy headlines. Palladium supply remains exposed to geopolitical risk because Russia is a major producer, while South African production issues can also affect the broader platinum-group metals market.
That keeps palladium more volatile than platinum. A small change in sanctions, trade duties, import flows, or Russian export availability can quickly shift sentiment.
4) Auto demand is still the major swing factor
Both platinum and palladium are used in catalytic converters, but palladium is more directly tied to gasoline vehicle demand. Platinum has a broader demand base, including auto catalysts, jewelry, industrial uses, investment products, and hydrogen-related applications.
If hybrid and gasoline vehicle demand stays stronger for longer, palladium could find additional support. If battery-electric vehicles continue taking share, palladium’s long-term demand outlook remains more challenged.
5) Macro momentum is helping precious metals
Platinum and palladium trade as both precious metals and industrial metals, so they react to more than just mine supply. Treasury yields, the U.S. dollar, inflation expectations, geopolitical risk, auto demand, and broader commodity sentiment all matter.
Today’s move shows investors are still willing to buy platinum-group metals, but platinum has the cleaner momentum because its deficit story is more visible and its demand base is broader.
What to watch next
Traders will be watching platinum supply updates from South Africa and Russia, WPIC market-balance revisions, platinum investment demand, auto catalyst demand, palladium recycling flows, gasoline and hybrid vehicle production, and any new U.S. or global trade-policy developments involving Russian palladium.
For platinum, the key question is whether investment demand keeps building on top of an already tight physical market. For palladium, the key question is whether supply-risk headlines can offset uncertainty around auto demand and recycling growth.
Bottom line
On May 13, 2026, platinum and palladium are both higher, but platinum remains the stronger structural story. Platinum is supported by a documented 2026 deficit, low above-ground stocks, strong bar-and-coin demand, and broader industrial and investment uses. Palladium still has upside potential from Russia supply risk and trade-policy headlines, but it remains more vulnerable to auto-demand uncertainty, EV adoption, and recycling growth.
Platinum looks like the cleaner long-term setup today, while palladium remains the more headline-driven and supply-risk-sensitive trade.
