Platinum and palladium are both lower today as broader precious-metals selling weighs on the platinum-group metals complex. Platinum is pulling back despite a still-tight 2026 supply-demand outlook, while palladium is seeing a sharper decline as traders weigh weak year-over-year momentum, auto-demand uncertainty, and Russia-related supply headlines.
Today’s pricing snapshot
According to Trading Economics CFD benchmarks, platinum fell to about $1,603.80/oz on July 23, 2026, down roughly 2.99% on the day. Platinum is still up about 0.36% over the past month and roughly 12.58% year over year, but it remains well below its January 2026 all-time high of $2,923.70/oz.
Palladium fell to about $1,257.50/oz on July 23, 2026, down roughly 4.01% on the day. Palladium is up about 7.02% over the past month, but remains down roughly 2.63% year over year, showing that the longer-term palladium trend is still weaker than platinum’s.
5 key drivers behind today’s move
1) Precious metals are under pressure today
The biggest short-term driver is broad precious-metals weakness. Gold and silver also declined on July 23, with front-month gold futures down 2.4% and silver down 3.7%, according to WSJ. That kind of sector-wide selling can pull platinum and palladium lower even when their individual supply-demand stories remain different.
2) Platinum is lower, but the deficit story remains intact
Platinum’s price action is weak today, but the physical-market setup still looks tight. The World Platinum Investment Council expects the platinum market to be undersupplied in 2026, marking a fourth consecutive annual deficit. WPIC’s latest update shows the 2026 deficit forecast deepened to 297,000 ounces, compared with the prior forecast of 240,000 ounces.
3) Above-ground platinum stocks remain a key support
WPIC expects above-ground platinum stocks to fall to 1.747 million ounces by the end of 2026, equal to just under three months of demand cover. That matters because thinner stock cover can make platinum more sensitive to fresh investment demand, industrial buying, or supply disruptions from major producing regions.
4) Palladium is getting hit harder because its demand picture is more fragile
Palladium is down more sharply than platinum today, and it is also still negative year over year. The problem for palladium is that its demand base remains more exposed to gasoline vehicle catalytic converters, while the market continues to weigh EV adoption, recycling supply, and auto-sector demand uncertainty.
At the same time, palladium still has supply-risk support. The U.S. Department of Commerce announced a final affirmative antidumping determination on unwrought palladium from Russia earlier this year, and the Federal Register notice said Commerce determined Russian palladium was being, or was likely to be, sold in the United States at less than fair value.
5) Russia and South Africa remain key supply-risk regions
Palladium remains headline-sensitive because global supply is concentrated in Russia and South Africa. Supply-side risks in those regions can support prices, but today’s selling shows that supply risk is not enough to overcome broad precious-metals weakness and softer longer-term palladium momentum.
What to watch next
Traders will be watching U.S. dollar strength, Treasury yields, gold and silver price action, inflation data, Federal Reserve rate expectations, WPIC market-balance updates, South African and Russian supply news, platinum investment demand, auto catalyst demand, palladium recycling flows, gasoline and hybrid vehicle production, and any new trade-policy developments involving Russian palladium.
For platinum, the key question is whether buyers step back in as the market prices a fourth consecutive deficit and shrinking above-ground stocks. For palladium, the key question is whether supply-risk headlines can offset weaker year-over-year performance and uncertainty around auto demand.
Bottom line
On July 23, 2026, platinum and palladium are both lower, with palladium seeing the sharper decline. Platinum is being pulled down by broad precious-metals weakness, but its longer-term setup remains supported by a 2026 deficit forecast and shrinking above-ground stocks. Palladium still has upside potential from Russia and South Africa supply risk, but it remains more vulnerable to auto-demand shifts, EV adoption, recycling growth, and weaker year-over-year momentum.
Platinum still looks like the cleaner long-term structural setup, while palladium remains the more headline-driven and demand-sensitive trade.
