Platinum and palladium are both higher heading into March 17, but platinum still looks like the stronger metal structurally. Trading Economics shows platinum at $2,132.20/oz, up 1.78% on the day, while palladium’s latest available Trading Economics update shows $1,600.50/oz on March 16, up 1.30% on that session. Platinum is still being supported by a documented physical deficit and stronger jewelry demand, while palladium remains more dependent on Russia-related trade risk and autocatalyst demand sentiment.
Today’s pricing snapshot
Trading Economics says platinum is up 0.91% over the past month and 110.59% year over year, even after cooling from its January 2026 all-time high of $2,923.70/oz. Palladium, by contrast, is down 4.79% over the past month but still up 67.07% from a year ago, underscoring how much more uneven its recovery has been.
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. Recent WPIC coverage says the platinum market is expected to post a 240,000-ounce deficit in 2026, marking a fourth straight annual deficit, even after the record shortfall seen in 2025. That continuing deficit helps explain why platinum is still holding historically elevated levels despite recent volatility.
2) Palladium is still being driven by Russia trade uncertainty
For palladium, one of the clearest drivers remains the U.S. trade case involving Russian supply. The Federal Register notice published February 24 says the final phase of antidumping and countervailing-duty investigations is moving forward on unwrought palladium from Russia, after Commerce preliminarily determined that Russian palladium was being sold at less than fair value. That keeps a risk premium in palladium because Russian supply still matters in a market that can tighten quickly.
3) Platinum is still benefiting from substitution away from expensive gold
Platinum has also had a demand tailwind that palladium has not matched. CME Group says platinum jewelry demand has been benefiting from platinum’s price discount to gold since late 2024, helping global platinum jewelry demand reach a seven-year high in 2025. That substitution effect remains an important part of platinum’s stronger performance.
4) Tight mine supply is still supporting both metals
The broader PGM market is still dealing with constrained mine supply. The WPIC-linked market outlook highlighted by Kitco says tight supply continues to support platinum even as the 2026 deficit is expected to narrow from last year’s extreme levels. That same restricted supply backdrop also helps keep palladium sensitive to disruptions and policy headlines.
5) Palladium still has the tougher demand story
Palladium’s challenge is that its demand base remains narrower than platinum’s. Platinum has support from jewelry, investment, and industrial demand, while palladium remains more tied to auto-sector trends and trade-risk headlines. The recent price data reflects that gap: platinum has held its monthly gains, while palladium has slipped over the same period.
What to watch next
For platinum, the main question is whether the market keeps treating dips as buying opportunities because of the deficit outlook and continued substitution away from gold. For palladium, traders will keep watching the Russia trade case and any new signs from the automotive market. Those two themes are likely to keep platinum steadier and palladium more volatile near term.
Bottom line
On March 17, 2026, platinum and palladium are both firmer, but the broader setup still looks better for platinum. Platinum combines a real supply deficit with stronger jewelry demand and better momentum, while palladium remains the more headline-driven metal because Russian trade uncertainty matters a lot and its demand picture is less convincing.
