Platinum and palladium are both lower on May 4, with palladium taking the bigger hit. Trading Economics shows platinum at $2,006.30/oz, down 0.28% on the day, while palladium is at $1,497/oz, down 3.17%. That leaves both metals softer today, but still well above year-ago levels.
Today’s pricing snapshot
According to Trading Economics, platinum is up 1.46% over the past month and 109.40% year over year. Palladium is up 0.37% over the past month and 59.77% from a year ago. That keeps platinum as the stronger long-term performer, even though both metals are under pressure in today’s session.
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’s latest quarterly outlook says the platinum market is expected to post a 240 koz deficit in 2026 after a much deeper 1,082 koz deficit in 2025. WPIC also says above-ground stocks are projected to remain at just over four months of global demand through 2026, which helps explain why platinum is still trading at historically elevated levels despite today’s drop.
2) Platinum is still trading in the shadow of its January spike
Trading Economics says platinum reached an all-time high of $2,923.70/oz in January 2026. With the metal now near $2,006/oz, today’s market still looks more like a post-rally correction than a full breakdown in the broader story. That reading is an inference from the current price level relative to the January record and the still-positive one-month and one-year numbers.
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 preliminary findings, and a May 1 Federal Register notice shows the Commerce process was still active into early May 2026. That keeps a risk premium in palladium because Russian supply still matters in a market that can tighten quickly.
4) Platinum still has broader support than palladium
WPIC says platinum demand in 2025 reached a nine-year high, led by strong investment demand and jewelry demand growth, while the 2026 market is still expected to stay in deficit. That matters because platinum benefits from jewelry, investment, and industrial demand, while palladium remains more concentrated in auto-related demand and supply headlines.
5) Palladium still has the narrower, more headline-sensitive market
Today’s larger daily drop in palladium fits the broader pattern of a more volatile market. Palladium’s one-month gain of 0.37% and one-year gain of 59.77% trail platinum’s by a wide margin, which suggests the market still sees platinum as the cleaner structural story while palladium remains more reactive to trade and supply-risk headlines. That last comparison is an inference from the latest public price data.
What to watch next
For platinum, the key question is whether buyers keep stepping in because the deficit outlook is still intact and above-ground stocks remain thin. For palladium, traders will keep watching the Russia trade case and whether supply-risk headlines continue to support prices after today’s selloff. Trading Economics’ broader commodities table was updated on May 4, 2026, which supports using these as the latest public benchmark readings today.
Bottom line
On May 4, 2026, both platinum and palladium are down, but the structural case still looks cleaner for platinum. Platinum combines an ongoing supply deficit with broader demand support, while palladium remains the more headline-driven metal and is taking the bigger hit today.
