Palladium prices averaged USD 958 per troy ounce in March, down 1.4% from February. On 31 March, the commodity traded at USD 986 per troy ounce, up 7.4% from 28 February.
Palladium prices began March at a low level following a sharp drop at end-February as President Trump’s rapprochement with Russia raised the prospect of higher palladium exports. Still, prices trended up during most of March. Demand-wise, escalating trade tensions amid rising U.S. protectionism fueled safe-haven buying, while higher internal combustion engine vehicle demand further buoyed prices. Supply-wise, renewed power cuts in South Africa fueled supply concerns.
This chart displays Palladium (US$/toz) from 2023 to 2025.
Palladium LME (prices in US$/toz, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|
| Palladium LME | - | 1,445 | 1,250 | 1,093 | 980 | 973 | 970 | 1,011 |