The Palladium Price: History, Market Trends and Significance
A summary of the essentials of palladium pricing
- 10 minutes read
Current palladium price (precious metal value)
Disclaimer: This overview of current precious metal prices and exchange rates is intended solely to provide information about palladium prices. As a specialist storage provider, OrSuisse does not trade in precious metals. Thus, we do not make purchase offers, nor provide binding price information as regards the sale or purchase of palladium and other precious metals.
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Palladium price per kilogram |
27’579.02 CHF / kg Palladium |
29’258.14 EUR / kg Palladium |
33’708.31 USD / kg Palladium |
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Palladium price per troy ounce |
857.80 CHF / oz Palladium |
910.03 EUR / oz Palladium |
1’048.45 USD / oz Palladium |
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Palladium bars 100 g |
2’757.90 CHF |
2’925.81 EUR |
3’370.83 USD |
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Palladium bars 250 g
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6’894.75 CHF |
7’314.54 EUR |
8’427.08 USD |
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Palladium bars 1000 g |
27’579.02 CHF |
29’258.14 EUR |
33’708.31 USD |
One troy ounce (oz) corresponds to 31.1034768 grams – usually rounded off to 31.1g.
Exchange rates
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0.9426 EUR / CHF |
1.1521 EUR / USD |
0.8182 USD / CHF |
Please note prices are constantly adjusted, so the actual sale or purchase price may vary. Sales pricing typically includes a processing fee. We only display current metal values.
We specialise in the storage of precious metals and other valuables but do not trade in these commodities. If you are interested in buying palladium or other precious metals, we would recommend:
Buy palladium from our authorised dealers!
Echtgeld AG in Switzerland:
Victoreanum eG. in Germany:
The Grey Precious Metal Governed by Supply and Demand
Palladium is a silver-grey precious metal listed in the periodic table of elements, (symbol “Pd” and atomic number 45). It is one of the platinum group metals, which includes iridium, osmium, rhodium, and ruthenium. In industry, palladium is used in automobile production, electrical engineering, and medicine, though thanks to its hard, shiny surface, palladium is also in demand for jewellery production. Palladium bars and palladium coins made from this white metal are also valued for asset preservation. Palladium’s market valuation is lower than gold and platinum – though this has not always been the case. The price for one troy ounce of palladium is determined daily on international trading platforms.
Disclaimer: This article provides general information on the price of palladium, but does not claim to be a comprehensive review of the topic. As a specialist storage service provider, OrSuisse does not engage in precious metal trading. Thus we cannot supply binding price information for products made of palladium or other precious metals. In addition, we do not make offers, nor do we purchase or sell palladium.
As with other commodities, the price of palladium is negotiated on the world market in US dollars (USD). This references the price of one troy ounce of palladium, which weighs exactly 31.1034768 grams. For practical purposes, its fine weight is often rounded down to three decimal places – i.e. 31.103 grams. This creates what is known as the palladium spot price, determined, among other things, by the over-the-counter London Platinum and Palladium Market (LPPM) for physical precious metals. Only platinum bars from LBMA-certified manufacturers able to meet the organisation’s high standards are acceptable for trading. To facilitate accurate global comparisons, the palladium price is then converted into each respective national currency at the prevailing exchange rate. Thus, in addition to the global palladium price in USD, the price can also be quoted in CHF or EUR.
Trading in financial contracts which track the value of this precious metal is also crucial for setting the price of palladium. Major trading venues for palladium futures include the New York Mercantile Exchange (NYMEX, COMEX) and the Japan Exchange Group (JPX), formerly known as the Tokyo Commodity Exchange (TOCOM). Palladium futures are standard exchange-traded futures contracts in which buyers commit to purchasing a predetermined quantity of this precious metal at a specified future date. The price of a futures contract always depends on its commodity value, so supply and demand will always determine the actual price of palladium, regardless of the trading venue.
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Factors influencing the palladium price
As with almost every other commodity, the price of palladium is primarily dependent on supply and demand. Palladium supply is governed by actual production volumes, recycling, and investor speculation in this precious metal. In addition, the prevailing economic situation in the main producing countries (Australia, the USA, Russia, and South Africa), as well as their political stability, production problems, and any possible sanctions which may apply, can all affect the global supply. Industrial demand is particularly important in terms of the overall market demand. Palladium is primarily considered an industrial metal, so developments in the various industrial sectors, as well as their economic outlook, must also be taken into account. The automotive industry is considered the main driver, because palladium is an essential component used in catalytic converters. Thus, global demand is closely linked to automotive technology and the relevant emissions standards. The global trend towards the adoption of electric vehicles -which do not require catalytic converters – could also reduce the demand for palladium over the longer term.
The price of palladium is also dependent on the levels of inflation and recession in different countries, as well as on currency fluctuations – especially movements of the US dollar which acts as the reserve currency – and changes in interest rates. Other influencing factors include geopolitical tensions and events, such as the coronavirus pandemic which began in 2020, or the Trump administration’s application of US tariff policies in 2025. Such incidents have a direct impact on palladium production and exports.
Palladium pricing and the global economy
Since currency fluctuations can have a significant impact on the palladium price – and because palladium demand is strongly driven by industry – we will examine this topic in more detail. Although the price is subsequently converted into all national currencies, it is initially quoted in US dollars and traded on international markets. A strong dollar can reduce demand from countries with weak currencies, potentially lowering the dollar price of palladium. Conversely, a declining US dollar can increase the price, as one troy ounce of palladium becomes cheaper and thus more attractive to foreign buyers. So rising demand ultimately increases the price in dollars.
Here is an example from Switzerland: If the Swiss franc depreciates against the dollar, palladium becomes more expensive for Swiss producers and investors. So they require more francs to buy the same amount of palladium in US dollars, which potentially reduces palladium demand and lower the price. Thus, currency fluctuations act as a practical “conversion factor” affecting the price of palladium, because they influence the real affordability of the precious metal for buyers in different currency regions.
Historical trends in the development of the palladium price
Looking back at the development of the palladium price, the period since the turn of the millennium is particularly significant. At the beginning of 2001, one troy ounce of palladium reached a high of 1,056 USD. This occurred as a result of speculation about the possibility of using palladium for exhaust catalysts in cars. However, shortly afterwards, the price fell significantly, eventually reaching lows of under 200 USD.
It wasn’t until 2016 that the price began to rise substantially once more. Then from 2019 onwards, palladium experienced a veritable boom due to high demand from the automotive industry. At the beginning of 2020, during the coronavirus pandemic, the grey metal first surpassed the platinum price, peaking at up to 3,000 USD, before going on to exceed the gold price shortly after that. Palladium then reached an all-time high of 3,178 USD (3,108 in Swiss francs) in March 2022 upon the outbreak of the war in Ukraine – triggered by serious concerns about the supply of palladium from Russia.
From October 2022, the price of palladium was once again in freefall. The troy ounce fell below the thousand US dollars mark and below the price of both gold and platinum. However, it still remained above the price of silver. Experts cited declining demand from the automotive sector and the rise of electric cars, coupled with a simultaneous increase in supply, as the reasons for this sharp decline in palladium pricing. Against the background of this overall performance, palladium is generally considered a highly volatile precious metal.
Palladium as an investment
Those wishing to invest in palladium have several options. As a physical investment product, the precious metal is available in standard palladium bars weighing from 1 gram up to 1 kilogram. A few one-troy-ounce palladium coins, such as the American Eagle, Cook Island, or Maple Leaf, are also available from specialist retailers. Their price is based on the palladium price plus a trading spread resulting from the premiums charged on these products. From a buyer’s perspective, it is also important to note that, unlike gold, the purchase of palladium remains subject to value-added tax. For more information on purchasing palladium VAT-free, please see our “Storing Palladium” section further down this page.
As an alternative to physical precious metals, investors can also acquire palladium through funds, certificates, exchange-traded funds (ETFs), or stocks. Options and futures allow investors to speculate on rising or falling palladium prices, while buying stocks means investing in companies that mine or process palladium. Palladium ETFs are easy to trade on the relevant exchanges and are considered particularly liquid assets. The advantage of such precious metal securities is that there is no need to arrange for the physical storage of palladium. While some of these securities are backed by physical palladium bars, any actual delivery to investors would be rather unusual. The investor focus here is always more on trading precious metals and achieving quick returns rather than on acquiring ownership.
In general, palladium is more suitable for experienced investors who are willing to accept the inherent risks involved due to the grey metal’s reputation for high volatility. Unlike gold, palladium lacks any centuries-old tradition as a medium of exchange. Likewise, its role in asset preservation is rather limited because the demand for palladium is mostly associated with industrial customers. Therefore, its value largely depends on its current use in the automotive sector, primarily generated by cars with combustion engines, and on the assumption that such demand will continue into the future. However, such general uncertainty can often create an increased opportunity for returns. For this reason, experts recommend that, in certain situations and alongside the associated risk, experienced investors could use palladium for asset diversification and as an addition to their precious metals portfolio.
Storing palladium and saving on VAT
Like all precious metals, physical palladium represents considerable value and thus requires appropriate storage. While palladium bars and coins can also be stored in an insured safe deposit box, this may not be an ideal solution depending on the quantity involved. More or less regarded as a pure industrial metal, the purchase of physical palladium is subject to VAT, even though palladium coins and bars generally represent more of an investment product. As a result, anyone who buys and receives palladium online or over the counter from a precious metals retailer must pay Swiss VAT at the standard rate of 8.1%.
However, this situation changes if the palladium bars or coins are delivered direct to a bonded warehouse in Switzerland immediately after purchase. Such an interim storage facility serves as a duty-free zone, which means the stored precious metal is not considered to have not been imported into the country – so no VAT is payable. It is even possible to sell the goods VAT-free, provided they still remain stored inside the bonded warehouse.
The private storage company OrSuisse adds an important further concession here by offering a negotiable warehouse receipt issued against the stored goods. This is a document which can be used just like any other security. To achieve this, the palladium bars/coins are stored under individual, bank-independent custody in a bonded warehouse. These arrangements ensure that the original palladium pieces delivered into safekeeping will always remain the property of the client. Details of the goods are recorded on special order warehouse receipts issued by OrSuisse in accordance with the Swiss Code of Obligations. Thanks to these OrSuisse negotiable warehouse receipts, the stored palladium remains optimally tradeable, even without any physical movement of goods, which also guarantees the stored palladium is always ultra-secure.
Summary of the palladium price
- Palladium is a sought-after commodity. The primary market demand comes from the automotive industry, with jewellery manufacture and investment products accounting for a relatively small share.
- The palladium price for one troy ounce is negotiated daily on the international markets and quoted in US dollars. Market activity encompasses both over-the-counter trading venues for physical palladium and listed global markets for futures contracts.
- The price of palladium is primarily influenced by supply and demand. Other relevant factors include geopolitical events, global interest rate policies, economic pressures exerted by inflation and recession, and the global market prices for raw materials.
- Currency fluctuations also significantly affect the palladium price. A strong or weak US dollar, as well as the strength and importance of the respective national currency, are the decisive issues here.
- Between 2019 and 2022, the price of palladium peaked at over 3,000 Swiss francs per troy ounce. Fluctuating price trends over the last 25 years are an indicator of palladium’s high volatility.
- Wealthy individuals can invest in physical palladium bars and coins or in securities issued against the grey precious metal. However, such investment requires considerable experience and an ability to tolerate a high-risk environment.
- OrSuisse offers individual custody of physical palladium in a bonded warehouse. This allows the purchase of bars and coins without incurring any liability to pay VAT.
- Thanks to OrSuisse’s special negotiable warehouse receipts, precious metal holdings can be traded even without the movement of goods and the associated documentation can be used like any security.