Palladium Price History
From the Russian stockpile scare of 2001 to the catalytic converter demand surge and the 2022 all-time high of $3,440 -- explore palladium's volatile price history and the forces shaping its future.
Interactive Chart
Price Chart
24h Change
24h Range
Bid / Ask
All-Time High
Palladium Price Through the Decades
Palladium is perhaps the most volatile of all precious metals, with a price history defined by extreme supply concentration and a single dominant use case: gasoline catalytic converters. Roughly 80% of palladium demand comes from the auto industry, and approximately 40% of global supply comes from Russia (Norilsk Nickel) with another 35% from South Africa. This razor-thin supply-demand balance has produced some of the most dramatic price swings in commodity markets.
- 2000-2001 - Russian Stockpile Scare ($1,100) – Fears that Russia would restrict palladium exports from state stockpiles send prices surging from $350 to over $1,100 per ounce in January 2001. Ford Motor Company panic-buys over $1 billion in palladium inventory at peak prices, booking a massive loss when prices subsequently collapse.
- 2008 - Financial Crisis Crash to $160 – The global financial crisis sends palladium to a devastating low of approximately $160 per ounce in late 2008 -- an 85% decline from its 2001 highs. Auto sales collapse worldwide, and industrial demand evaporates as recession grips the global economy.
- 2018-2020 - Catalytic Converter Demand Surge – Tightening emissions regulations worldwide (Euro 6d, China VI, U.S. Tier 3) drive a massive increase in palladium loading per vehicle. Persistent supply deficits push prices from $900 in early 2018 past $2,800 by February 2020, with palladium overtaking gold in price for the first time in 16 years.
- 2022 - Russia-Ukraine Spike to $3,440 ATH – Russia's invasion of Ukraine in February 2022 sparks panic over sanctions on Russian palladium exports. Prices spike to an all-time high of approximately $3,440 per ounce in March 2022 before retreating as sanctions on metals were largely avoided and auto production slowed.
- 2022-2024 - EV Transition Decline – Palladium enters a sustained downtrend as the market prices in the structural threat from electric vehicle adoption. Battery electric vehicles use zero palladium (no exhaust system, no catalytic converter), and growing EV market share erodes the long-term demand outlook. Prices fall below $1,000 per ounce.
Buy Palladium Online
Browse trusted dealers, compare prices on coins and bars, and buy with confidence.
Where to Buy PalladiumQuick Links
Frequently Asked Questions
What was the highest palladium price ever?
Palladium's all-time high was approximately $3,440 per troy ounce, reached in March 2022 following Russia's invasion of Ukraine. The spike was driven by fears that Western sanctions would disrupt Russian palladium exports -- Russia accounts for roughly 40% of global mine supply through Norilsk Nickel. Prior to this, palladium had reached $2,875 in February 2020 during the catalytic converter demand surge driven by tighter global emissions standards.
Why is palladium so volatile?
Palladium is exceptionally volatile because of extreme supply concentration and a single dominant demand driver. Approximately 75% of global supply comes from just two countries -- Russia and South Africa -- both of which face significant geopolitical and operational risks. Meanwhile, roughly 80% of demand comes from gasoline catalytic converters, making palladium uniquely sensitive to automotive production cycles, emissions regulations, and the EV transition. The palladium market is also far smaller than gold or silver, meaning relatively small changes in supply or demand can produce outsized price moves.
What drives palladium prices?
Palladium prices are driven primarily by four factors: (1) automotive demand for catalytic converters, which accounts for roughly 80% of consumption; (2) mine supply from Russia and South Africa, which together produce about 75% of the world's palladium; (3) emissions regulations that dictate how much palladium is loaded into each catalytic converter; and (4) the rate of electric vehicle adoption, which threatens to structurally reduce long-term demand since EVs have no exhaust system and require no catalytic converter.
Will palladium prices recover?
Palladium's recovery prospects depend heavily on the pace of the EV transition. While battery electric vehicles eliminate palladium demand entirely, internal combustion engines and hybrid vehicles will likely remain a significant share of global auto production for another decade or more, particularly in emerging markets. Tightening emissions standards in India, Southeast Asia, and other developing regions could support demand. Additionally, if supply continues to tighten due to underinvestment in South African and Russian mines, palladium could see periodic price spikes even as the long-term demand trajectory shifts. However, the structural headwind from EV adoption makes a return to 2022 highs unlikely without a major supply disruption.