Current palladium price: $1282.87 — +0.90% over the past 24 hours.
Palladium All-Time High
Palladium's record of about $3,440 per ounce, set in March 2022 on Russia-Ukraine supply fears, still stands. After collapsing, the metal staged a sharp 2025 to 2026 rebound but remains far below its peak. Here is every palladium record and what drove it.
Price Chart
EmbedEvery Palladium Record High
The 2022 record still stands, even after a powerful 2025 to 2026 rebound. Each peak and the force behind it.
All-Time High
~$3,440
March 2022 (spot intraday, around March 7; LBMA AM fix near $3,339)
| Date | High (USD/oz) | What Drove It |
|---|---|---|
| Jan 26, 2001 | ~$1,094 | Russia suspended and delayed palladium exports in late 2000, triggering a supply squeeze and panic hoarding by US automakers. |
| Feb 28, 2020 | ~$2,877 | A chronic multi-year supply deficit and tightening gasoline-engine emissions rules drove a parabolic autocatalyst-demand spike, just before COVID crashed the market. |
| Mar 7, 2022Record | ~$3,440 | Russia's invasion of Ukraine sparked fears of losing roughly 40% of world supply from Norilsk Nickel, spiking palladium to its all-time high before a multi-year collapse. |
| Jan 31, 2026 | ~$2,200 | A cyclical rebound, not a record: slowing EV adoption, a hybrid and gasoline-vehicle resurgence, EV-subsidy cuts, and a short squeeze lifted prices from a low near $870 in April 2025. |
Adjusted for inflation, the March 2022 peak of about $3,440 equals roughly $3,700 in 2026 dollars, so 2022 remains the record in real terms as well. Record prices are nominal USD and approximate; the exact intraday tick varies by venue.
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All-Time High
Palladium All-Time High: The 2022 Record Still Stands
Palladium's all-time high is approximately $3,440 per ounce, reached in early March 2022. Russia's invasion of Ukraine triggered panic over sanctions on Russian palladium exports, and prices surged from around $2,400 to over $3,400 in weeks. Russia accounts for roughly 40% of global palladium production through Norilsk Nickel, the world's largest producer. Unlike gold, silver, and platinum, which all set new records in the 2025 to 2026 metals run, palladium's 2022 peak has held.
The 2022 spike was the climax of a multi-year supply deficit that had been draining the market since roughly 2012. Tightening emissions standards in Europe, China, and the United States increased the palladium loading per catalytic converter, while mine supply stayed flat because palladium is largely produced as a byproduct of platinum and nickel. An earlier record near $2,877 in February 2020 reflected the same deficit, just before COVID briefly crashed the market.
After 2022, palladium fell hard, bottoming near $870 in April 2025. The electric vehicle transition was eroding the long-term outlook, since battery electric vehicles use no catalytic converters, and automakers were substituting cheaper platinum into gasoline catalysts.
The story shifted in late 2025. A cyclical rebound lifted palladium roughly 120% to 150% off its April 2025 low, reaching a cycle high near $2,200 by late January 2026. The drivers were a surprise: slowing EV adoption, a resurgence of hybrids and gasoline vehicles, cuts to EV purchase subsidies in both the US and China, and a record short squeeze after speculators had built heavily bearish positions. Even so, the rebound fell well short of the 2022 record.
Palladium has since pulled back to well below its cycle high, and the 2026 outlook is broadly bearish to range-bound, with analyst averages clustered near $1,150 to $1,262 per ounce as the structural supply deficit narrows. A return to $3,440 would likely require a major new supply disruption combined with slower-than-expected EV adoption. Check the live chart above for the current price and the gap to the record.
Data provided by MetalCharts, a free precious metals tracking platform offering real-time prices, interactive charts, historical data, and portfolio tools for gold, silver, platinum, palladium, and copper. Prices sourced from major global exchanges including COMEX, LBMA, and LME, updated continuously during market hours.
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