Platinum is rebounding on March 25, while palladium’s latest public quote still reflects weakness from the prior session. Trading Economics shows platinum at $1,939.70/oz on March 25, up 2.49% on the day. The latest public Trading Economics palladium reading is $1,399/oz on March 24, down 2.30%, so palladium’s posted data is lagging platinum by about a day.
Today’s pricing snapshot
Platinum is still down 13.39% over the past month, though it remains 100.92% higher than a year ago. Palladium is down 25.19% over the past month but still 46.65% higher year over year on the latest available public reading. That keeps the broader pattern intact: platinum has corrected hard from its January peak but is still structurally stronger than palladium.
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. WPIC said on March 4 that the platinum market is expected to post a 240 koz deficit in 2026 after a much deeper 1,082 koz deficit in 2025, with above-ground stocks projected to remain at just over four months of global demand.
2) Today’s platinum bounce looks like a rebound after a sharp correction
Trading Economics says platinum hit an all-time high of $2,923.70/oz in January 2026. With that backdrop, today’s gain looks more like a rebound from an overstretched selloff than a change in the bigger story. That is an inference from the recent price action plus WPIC’s still-tight 2026 outlook.
3) Palladium is still being driven by Russia trade uncertainty
For palladium, one of the clearest market drivers remains the U.S. trade case involving Russian supply. The Federal Register says the final phase of antidumping and countervailing-duty investigations into unwrought palladium from Russia is moving forward after Commerce’s preliminary less-than-fair-value determination. That keeps a risk premium in palladium because Russian supply still matters in a market that can tighten quickly.
4) Platinum is still benefiting from substitution away from expensive gold
Platinum has a demand tailwind palladium does not. CME says platinum jewelry demand has been supported by platinum’s price discount to gold and a more diversified global market. That substitution theme helps explain why platinum has held up better than palladium over the past year.
5) Palladium still has the tougher demand story
Palladium remains more tied to autocatalyst demand and auto-sector sentiment, while platinum has broader support from jewelry, investment, and industrial demand. WPIC’s longer-range outlook also frames platinum deficits as ongoing, while palladium’s medium-term balance is less supportive.
What to watch next
For platinum, the key question is whether buyers keep stepping in after this rebound because the deficit outlook is still intact. For palladium, traders will keep watching the Russia trade case and auto-demand signals, especially since the latest public price quote is still from March 24 rather than March 25.
Bottom line
On March 25, 2026, platinum looks like the stronger metal because it combines a documented supply deficit with better jewelry and investment support. Palladium remains the more headline-driven metal because Russia-related trade risk still matters and its demand picture is less convincing.
