Platinum and palladium are both higher today, with palladium leading the move. The setup looks like a mix of headline-driven PGM tightness, trade/tariff uncertainty, and thin-market momentum, layered on top of a macro backdrop where yields are steady but the dollar is firmer.
Today’s pricing snapshot (JM Bullion live spot quotes)
- Platinum: $2,190.00/oz, +$26.70 (+1.23%) (Last updated 02/24/2026 at 15:46 EST)
- Palladium: $1,805.54/oz, +$42.18 (+2.39%) (As of Feb 24, 2026 at 03:34 PM ET / Last updated 15:34 EST)
5 key drivers behind today’s move
1) Macro cross-currents: a firmer dollar, but yields steady near 4.04%
The U.S. Dollar Index (DXY) is up ~0.16% (97.862), which is usually a mild headwind for USD-priced commodities.
At the same time, the U.S. 10-year yield is holding around ~4.04%, which keeps financial conditions from tightening further and can leave room for commodity bids to persist.
2) Tariff uncertainty can reroute PGM flows quickly
PGMs are unusually sensitive to trade frictions because supply is concentrated and end-use is industrial. Reuters reporting notes analysts have raised 2026 forecasts for platinum and palladium, citing tight mine supply and tariff uncertainty as key factors supporting prices.
3) Auto-catalyst demand is still the core demand engine
Despite EV growth, internal combustion and hybrid vehicles still drive a large share of platinum/palladium demand via catalytic converters. That keeps both metals tightly linked to auto production expectations and emissions policy.
4) Supply concentration keeps both metals headline-sensitive
Platinum supply remains heavily tied to Southern Africa, and palladium supply has meaningful Russia exposure—so the market frequently prices in a “risk premium” when uncertainty rises. Analysts highlighting tight mine supply are a big part of why these metals can jump quickly.
5) Substitution dynamics and relative-value trades can amplify moves
Automakers can adjust catalyst loadings over time, and substitution trends between platinum and palladium are a major lever for demand. The World Platinum Investment Council’s materials highlight substitution as a key driver of platinum’s autocatalyst demand.
On days when flows hit the PGM complex, this relative-value narrative can add fuel—especially in thinner markets like palladium.
What to watch next
- DXY + real yields: a stronger dollar can cap upside, while lower/steady yields can support metals
- Auto production / emissions headlines (core demand channel)
- South Africa operations + Russia trade headlines (supply risk premium)
- Substitution narrative (Pt vs Pd) as relative pricing shifts
- Technical levels & liquidity: PGMs can overshoot when momentum/short covering kicks in (especially palladium)
Bottom line
On Feb 24, 2026, platinum ($2,190, +1.23%) and palladium ($1,805.54, +2.39%) are both higher, driven by a mix of tariff/trade uncertainty, tight-supply narratives, and PGM-specific positioning, with macro acting as a mixed backdrop (firmer dollar, steady yields).
