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Historical Palladium Prices by Year (2000–2026)
Palladium has traded from $450/oz in 2000 to $1,087/oz in 2026 — a net gain of +142% over 26 years of extraordinary volatility.
2000 Opening
$450
2026 Closing
$1,087
All-Time High
$3,440
26-Year Gain
+142%
Annual Palladium Price Performance (2000–2026)
Understanding Palladium's Long-Term Price History
Palladium is the most volatile of the four major precious metals. Its price history has been shaped by two distinct boom-bust cycles separated by years of dormancy. The first (1999-2001) was driven by Russian supply fears and Ford's catastrophic over-stockpiling. The second (2017-2022) was driven by a genuine decade-long structural supply deficit in the automotive catalyst market.
Russia supplies approximately 40% of global palladium (primarily from Norilsk Nickel's Siberian operations), making geopolitical risk a permanent feature of palladium pricing. South Africa contributes another 35%. The extreme geographic concentration of supply — essentially two countries — means that political events, labor disputes, and infrastructure failures in either country have outsized price impacts.
The post-2022 decline reflects structural change: automakers accelerated platinum-for-palladium substitution in gasoline catalytic converters, reducing palladium loading per vehicle. Electric vehicle adoption further erodes long-term catalyst demand. After three years of decline from $3,440 to below $1,000, palladium entered a stabilization phase as the substitution wave largely completed.
Frequently Asked Questions — Palladium Price History
What is palladium's all-time high price?
Palladium reached its all-time high of $3,440 per ounce in March 2022, immediately following Russia's invasion of Ukraine. Russia is the world's largest palladium producer (Norilsk Nickel), and fears of supply disruption triggered a short squeeze. The spike was short-lived as platinum substitution accelerated.
Why did palladium collapse from $3,000 to below $1,000?
Three factors combined: (1) Automakers accelerated platinum-for-palladium catalyst substitution — reducing palladium loadings per vehicle by 20-30% across new model years; (2) Electric vehicle adoption reduced the total vehicle catalyst market; (3) Russian palladium supply was not disrupted despite Western sanctions, maintaining adequate supply.
How does palladium compare to platinum historically?
Palladium traded at a massive discount to platinum from 2001-2017. During 2018-2020, palladium dramatically overtook platinum (at one point trading 3x higher), before the relationship normalized as substitution progressed. Today palladium trades at a modest discount to platinum, more in line with historical norms.
What is the relationship between palladium and car production?
Palladium is the primary metal in gasoline (petrol) catalytic converters, which reduce harmful emissions (CO, NOx, hydrocarbons). Approximately 80-85% of annual palladium demand comes from auto catalysts. Global gasoline vehicle production directly correlates with palladium demand. Each vehicle uses approximately 2-7 grams of palladium depending on model and emissions standards.