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

2023 High

$1,830

from daily trading data

2023 Low

$923

from daily trading data

Year-End Close

$1,101

last trading day of 2023

Palladium Price Chart, 2005 to 2025

Annual average palladium price per troy ounce, 2005 to 2025, with 2023 marked.

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. Daily trading data shows palladium moved between a low of $923 and a high of $1,830 during the year, ending 2023 at $1,101. 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. Daily prices ranged from a low of $923 to a high of $1,830, and the year closed at $1,101. 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.