Platinum and palladium are both lower today as traders take profits after recent strength across the platinum-group metals complex. Platinum is pulling back after reaching a two-month high, while palladium is under sharper pressure as investors weigh electric-vehicle demand growth, hybrid vehicle support, and supply risks from South Africa and Russia.
Today’s pricing snapshot
According to Trading Economics CFD benchmarks, platinum traded around $1,713/oz, down roughly 1.11% on the day. Platinum is still up about 4.34% over the past month and roughly 28.53% year over year, showing that the longer-term trend remains positive despite today’s pullback.
Palladium traded around $1,304/oz, down roughly 1.66% on the day. Palladium is still up about 0.89% over the past month and roughly 18.82% year over year, keeping the metal positive on a longer-term basis even though today’s move is weaker.
5 key drivers behind today’s move
1) Profit-taking is hitting platinum after a two-month high
Platinum is lower today after recently reaching a two-month high. That suggests traders are locking in gains after a strong run, especially as the market reassesses demand, inflation, interest-rate expectations, and the broader precious-metals setup.
Even with today’s decline, platinum remains well above year-ago levels, showing that the longer-term bid is still intact.
2) Platinum’s deficit story remains supportive
The biggest long-term support for platinum remains the supply-demand balance. The World Platinum Investment Council expects the platinum market to post a 297,000-ounce deficit in 2026, marking a fourth consecutive annual shortfall.
WPIC also expects above-ground platinum stocks to fall to 1.747 million ounces by the end of 2026, equal to just under three months of global demand cover. That tight stock picture remains a key reason platinum continues to attract investor interest on pullbacks.
3) South African supply risks are still underpinning platinum
Supply concerns remain important for platinum. Power disruptions and maintenance bottlenecks at South African mines continue to support the market, because South Africa is the dominant platinum-producing region.
That matters because any disruption to South African mine supply can quickly affect global platinum availability, especially when above-ground inventories are already expected to decline.
4) Palladium is pressured by EV-demand concerns
Palladium is seeing the sharper daily decline because traders remain cautious about the long-term impact of electric-vehicle growth. Palladium is heavily used in gasoline vehicle catalytic converters, so rising battery-electric vehicle adoption can reduce long-term demand expectations.
Hybrid vehicle demand still provides near-term support, because hybrids continue to use catalytic converters. However, the broader shift toward EVs remains a major headwind for palladium.
5) Russia and South Africa remain key palladium supply wildcards
Palladium still has upside risk from supply disruptions. Russia and South Africa remain the dominant sources of global palladium output, so any mining issue, sanctions headline, export disruption, or trade-policy change can quickly shift market sentiment.
That keeps palladium more headline-driven than platinum. Even when prices are lower, supply risk can bring buyers back into the market quickly.
What to watch next
Traders will be watching U.S. dollar moves, Treasury yields, gold and silver price action, Federal Reserve rate expectations, inflation data, WPIC market-balance updates, South African mine disruptions, Russian export headlines, platinum investment demand, hybrid vehicle sales, EV adoption, palladium recycling flows, and auto catalyst demand.
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 hybrid demand and supply-risk headlines can offset EV growth and possible surplus concerns.
Bottom line
On August 13, 2026, platinum and palladium are both lower. Platinum is pulling back after a strong run, but its long-term setup remains supported by a 2026 deficit forecast, shrinking above-ground stocks, and South African supply risk. Palladium is weaker as EV-demand concerns weigh on sentiment, but supply risks from Russia and South Africa continue to provide headline support.
Platinum remains the cleaner long-term structural story, while palladium remains the more volatile, auto-demand-sensitive trade.
