Platinum and palladium are moving in opposite directions on March 12, with platinum pulling back again while palladium is trying to stabilize. The latest Trading Economics data shows platinum at $2,148.60/oz, down 2.53% on the day, while palladium is at $1,660/oz, up 0.45%. That split suggests platinum is seeing profit-taking after a strong run, while palladium is getting support from trade-risk headlines and supply sensitivity.
Today’s pricing snapshot
Trading Economics updated platinum on March 12 at $2,148.60/oz, with the metal still up strongly year over year despite today’s drop. Palladium was updated at $1,660/oz on March 12, up modestly on the day, though still lower over the past month. In other words, platinum remains the stronger longer-term performer, but palladium had the better day on March 12.
5 key drivers behind today’s move
1) Platinum still has a 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 240,000-ounce deficit in 2026 after a much deeper 1.082 million-ounce deficit in 2025. WPIC also said above-ground stocks are projected to remain at just over four months of global demand, which helps explain why platinum has stayed historically elevated even during pullbacks like today’s.
2) Palladium is still being driven by Russia trade uncertainty
For palladium, one of the main catalysts remains the U.S. trade case involving Russian supply. The U.S. International Trade Commission published a February 24 notice scheduling the final phase of antidumping and countervailing duty investigations into unwrought palladium from Russia, and the U.S. Commerce Department said the final antidumping determination is expected around April 28, 2026, unless extended. That keeps a risk premium in palladium because the metal is already highly sensitive to Russian supply.
3) Platinum is still benefiting from substitution away from gold
Another reason platinum has stayed structurally stronger is demand substitution. MarketWatch reported that “gold fatigue” helped drive platinum sharply higher as Chinese buyers and jewelers looked for better value relative to gold. CME Group also noted that platinum jewelry demand has been benefiting from platinum’s discount to gold since late 2024, which has helped support fabrication demand even as prices climbed.
4) South African mine constraints are still part of the setup
Both metals remain exposed to South African mine supply, especially platinum. Recent industry coverage noted that platinum and palladium prices in early 2026 were being supported by ongoing supply constraints, trade-related disruptions, and stronger-than-expected physical demand. That does not guarantee straight-line upside, but it does help explain why dips have not fully broken the broader bullish tone in the PGM market.
5) Palladium still faces a tougher demand picture than platinum
Palladium’s problem is that its core demand story is still narrower. Platinum has support from jewelry, investment, and industrial demand, while palladium remains more tied to the auto sector and headline-driven supply risk. That is part of why platinum has massively outperformed year over year, while palladium’s recent trading has looked choppier and more reactive.
What to watch next
For platinum, the key question is whether the market keeps treating pullbacks as buying opportunities because of the WPIC deficit outlook and strong substitution demand. For palladium, traders will be watching the Russia trade case and any changes in automotive demand sentiment. If there are fresh tariff or supply headlines, palladium could still see sharp short-term swings even without a stronger long-term demand backdrop.
Bottom line
On March 12, 2026, platinum and palladium are being pulled by different forces. Platinum is lower on the day, but it still has the cleaner bullish setup because it combines a documented supply deficit with stronger jewelry and investment demand. Palladium is firmer today, but it remains the more headline-driven metal because Russian trade uncertainty matters a lot and its broader demand picture is less convincing.
