Platinum and palladium are diverging today: platinum is edging higher, while palladium is slipping—an increasingly common pattern when traders are balancing macro tailwinds (softer dollar, lower yields) against auto-demand + supply-specific catalysts in the PGM complex.
Today’s pricing snapshot (JM Bullion live spot quotes)
- Platinum: $2,173.10/oz, +$6.80 (+0.31%) (timestamp ~4:18 PM ET)
- Palladium: $1,764.50/oz, -$3.50 (≈-0.20%) (same snapshot feed time)
(JM’s palladium page provides the dollar change; the percent move above is an approximation from that snapshot.)
5 key drivers behind today’s move
1) Macro tailwind: softer dollar + lower yields
A weaker dollar and lower Treasury yields often support USD-priced commodities (including PGMs), even when the move is subtle. Today:
- DXY: 97.718 (-0.08%)
- U.S. 10-year yield: ~4.04% (down on the day)
2) Risk-off headlines are reshaping commodity leadership
Markets are reacting to renewed trade-policy uncertainty around U.S. tariffs, which has pushed investors toward “safer” exposures and away from pure growth cyclicals in bursts. That kind of environment can support precious metals broadly—but it can also make industrial-demand metals (like palladium) choppier.
3) Auto-catalyst demand is still the big palladium lever
Palladium remains closely tied to gasoline/ICE catalytic converter demand. When traders get nervous about global growth or auto production, palladium often feels it faster than platinum—even if both move with the broader metals tape.
4) Supply concentration keeps a premium in the background
Both metals are supply-concentrated (platinum heavily linked to South Africa; palladium has notable Russia exposure). Even if there’s no fresh disruption headline today, markets frequently reprice “risk premium” quickly when global uncertainty spikes—especially in thinner markets.
5) Substitution dynamics can favor platinum on relative moves
Over time, automakers and catalyst makers can substitute platinum for palladium in certain applications (not instantly, but the trend matters). When platinum is perceived as the “better value” within PGMs, you’ll often see platinum outperform on mixed days—like today’s mild up vs. palladium mild down.
What to watch next
- Dollar + real yields: if DXY keeps sliding and yields stay soft, the “macro bid” can persist
- Auto/ICE demand headlines: production data, emissions-policy chatter, and recession/trade fears
- South Africa/Russia developments: anything affecting mine output, refining, or trade flows
- Relative value trades: platinum–palladium spread and substitution narrative shifts
- Technicals & liquidity: PGMs can gap on headlines more than gold/silver due to thinner depth
Bottom line
On Feb 23, 2026, platinum ($2,173.10, +0.31%) is modestly higher while palladium ($1,764.50, slightly lower) is drifting down, reflecting a market tug-of-war between macro support (softer USD, lower yields) and palladium’s higher sensitivity to auto/growth sentiment, with ongoing supply concentration and substitution themes shaping the relative performance inside the PGM complex.
