Palladium prices averaged USD 1,197 per troy ounce in July, up 13.7% from June. On 31 July, the commodity traded at USD 1,217 per troy ounce, up 7.3% from 30 June.
Palladium prices rose at the fastest pace since February 2022 in July, and reached a nearly two-year high in the middle of the month. On the demand front, higher uncertainty ahead of U.S. “reciprocal” tariffs on 1 August underpinned safe-haven buying, and a still-elevated gold-palladium price ratio fueled investment demand. In addition, Russia’s Nornickel, the world’s top producer of palladium, cut its 2025 palladium output forecast, stoking supply concerns.
This chart displays Palladium (US$/toz) from 2023 to 2025.
Palladium LME (prices in US$/toz, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Palladium LME | - | - | 1,250 | 1,093 | 980 | 973 | 970 | 1,011 | 960 | 990 | - | - |