Platinum and palladium are both lower on April 28, with palladium showing the steeper drop. Trading Economics shows platinum at $1,958.70/oz, down 1.95% on the day, while palladium is at $1,450.50/oz, down 2.39%. Both metals are still higher than they were a year ago, but today’s move shows renewed pressure across the platinum-group metals complex.
Today’s pricing snapshot
Over the past month, platinum is up 2.79% and 101.10% year over year, according to Trading Economics. Palladium is up 1.26% over the past month and 56.22% from a year ago. That keeps platinum as the stronger long-term performer, even though both metals are down sharply today.
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 latest outlook 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. That ongoing deficit is a big reason platinum is still holding historically elevated levels despite today’s drop.
2) Today’s weakness looks more like a pullback than a full trend break
Trading Economics notes platinum previously reached an all-time high of $2,923.70/oz in January 2026. With today’s price still far below that peak but still more than double year-ago levels, the current move looks more like a renewed correction inside a still-elevated market than a collapse in the broader story. That last point is an inference from the price trend.
3) Palladium is still being driven by trade and supply-risk headlines
Palladium remains more headline-sensitive than platinum, and its market still carries a risk premium tied to trade and supply concerns around Russian material. Trading Economics’ latest palladium update shows a weaker one-day move than platinum and a smaller monthly gain, which fits the broader pattern of a more volatile, event-driven market.
4) Platinum still has broader support than palladium
Platinum benefits from a wider mix of jewelry, industrial, and investment demand, while palladium remains more concentrated in auto-related uses. That broader support base helps explain why platinum’s one-year gain is substantially stronger than palladium’s in the latest public data.
5) Palladium still has the weaker long-term setup
Even though palladium remains well above year-ago levels, its 56.22% year-over-year gain trails platinum’s 101.10% by a wide margin. That gap suggests the market still sees platinum as the cleaner structural story, while palladium remains the more reactive metal day to day. This conclusion is an inference from the latest relative price performance.
What to watch next
For platinum, the key question is whether buyers step back in because the deficit outlook and tight stock picture are still intact. For palladium, traders will keep watching whether today’s weakness extends, since its market remains more volatile and more sensitive to supply-risk headlines.
Bottom line
On April 28, 2026, both platinum and palladium are down, but platinum still has the cleaner structural setup. Platinum combines a documented market deficit with stronger longer-term price performance, while palladium remains the more headline-driven metal and is taking the bigger hit today.
