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Palladium Price in 2023

In 2023, the price of palladium averaged $1,337 per troy ounce, down 36.7% from the year before. This page covers the 2023 average, high, low, and year-end close, the events that moved the market, and what that palladium would be worth in today's dollars.

2023 Average

$1,337

Annual average, USD/oz

Change vs 2022

-36.7%

from $2,112 in 2022

What happened to the palladium price in 2023

Palladium averaged $1,337 per troy ounce in 2023, collapsing 36.7% from the $2,112 average of 2022. The defining story of 2023: Sharp decline as EV adoption and Pt-for-Pd substitution erode gasoline-catalyst demand.

The 2020s saw palladium hit record highs above $2,800, including an all-time high near $3,440 in March 2022 on Russia-sanctions fears, before a sharp decline as electric-vehicle adoption began eroding gasoline-catalyst demand.

Adjusted for inflation, palladium's 2023 average of $1,337 equals about $1,414 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.

Frequently Asked Questions

What was the price of palladium in 2023?
Palladium averaged $1,337 per troy ounce in 2023, based on LBMA and USGS annual average data. That average was down 36.7% from $2,112 in 2022.
What is a 2023 palladium price worth in today's dollars?
Adjusted with the US Consumer Price Index, palladium's 2023 average of $1,337 works out to roughly $1,414 in today's dollars, using 2025 as the CPI base year. The conversion uses BLS CPI-U annual averages, so treat it as a close approximation rather than an exact figure.
What moved the palladium price in 2023?
The defining story of 2023: Sharp decline as EV adoption and Pt-for-Pd substitution erode gasoline-catalyst demand. Against that backdrop, the annual average fell 36.7%, from $2,112 in 2022 to $1,337.

Annual averages are USGS/Engelhard producer prices (1970 to 1988) and LBMA palladium prices (1989 to 2025) per troy ounce in US dollars. Where daily data exists, the per-year high, low, and close come from MetalCharts historical data. Inflation adjustments use BLS CPI-U annual averages.