Palladium Price in 1998

Palladium averaged $290 per troy ounce in 1998, surging 57.6% from the $184 average of 1997. Annual moves of that size are rare and put 1998 among the most explosive years in the metal's modern history. The defining story of 1998: Russian supply disruptions drive a sharp rally.

The 1990s were dominated by Russian supply. Erratic exports from Russia's giant stockpile, which supplied much of the world's palladium, whipsawed prices from a decade low near $89 to a sharp late-decade rally as shipments were repeatedly delayed.

Adjusted for inflation, palladium's 1998 average of $290 equals about $573 in today's dollars. The conversion uses US Bureau of Labor Statistics CPI-U annual averages, so treat it as a close approximation rather than an exact figure.