Platinum and palladium are both trading higher in the latest public market data heading into April 1, but platinum still looks like the stronger metal structurally. Trading Economics shows platinum at $1,926/oz on March 31, 2026, up 1.07% on the day, while palladium was at $1,450/oz on March 31, 2026, up 1.22%. The public quotes are still dated March 31 rather than April 1, but they show both metals bouncing after a sharp March correction.
Today’s pricing snapshot
According to Trading Economics, platinum is down 16.80% over the past month but still 95.10% higher than a year ago. Palladium is down 19.22% over the past month while still 47.58% higher year over year. That keeps the broader pattern intact: platinum has corrected hard from its January peak, but it is still holding a stronger longer-term trend than palladium.
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 on March 4 that the platinum market is expected to post a 240 koz deficit in 2026 after a much deeper 1,082 koz deficit in 2025, with above-ground stocks projected to remain at just over four months of global demand through 2026. That is a major reason platinum still has a firmer structural story than palladium.
2) Both metals are bouncing after a steep March correction
Trading Economics says platinum reached an all-time high of $2,923.70/oz in January 2026, while palladium had also rallied sharply before falling back in March. With both metals still deeply negative on a one-month basis despite the latest daily gains, the current move looks more like a rebound from oversold conditions than proof that the correction is over. That is an inference from the latest price trend data.
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. Department of Commerce published a preliminary affirmative antidumping determination on February 19, 2026, and a preliminary affirmative countervailing-duty determination effective March 11, 2026, on unwrought palladium from Russia. That keeps a risk premium in palladium because Russian supply still matters in a market that can tighten quickly.
4) Platinum still has broader support than palladium
WPIC’s latest update says platinum’s 2025 demand reached a nine-year high, supported by very strong investment demand and jewellery demand growth, while 2026 bar-and-coin demand is expected to jump 35% to 725 koz. That broader support base matters because platinum benefits from jewelry, investment, and industrial demand, while palladium remains more narrowly tied to autos and supply headlines.
5) Palladium still has the tougher demand story
Trading Economics’ recent palladium coverage says the metal fell back in March because of profit-taking, shrinking automotive demand, and growing supply. That helps explain why palladium continues to look like the more headline-driven and less fundamentally supported metal, even when it bounces with platinum on a given day.
What to watch next
For platinum, the key question is whether buyers keep stepping in because the deficit outlook is still intact and above-ground stocks remain thin. For palladium, traders will keep watching the Russia trade case and any fresh auto-demand signals. Those two themes are likely to keep platinum steadier and palladium more volatile near term.
Bottom line
On April 1, 2026, both platinum and palladium are rebounding in the latest available public price data, but platinum still has the cleaner structural setup. Platinum combines an ongoing supply deficit with broader demand support, while palladium remains the more headline-driven metal because Russia-related trade uncertainty matters and its demand picture is weaker.
