Palladium Prices

Palladium prices averaged USD 975 per troy ounce in May, up 3.3% from April. On 30 May, the commodity traded at USD 964 per troy ounce, up 3.3% from 30 April.

In May, palladium prices rose for the first time in three months and at the fastest clip in seven, on a weaker USD, safe-haven buying, and continued power cuts in key producer South Africa stoking supply concerns. Moreover, the ratio between gold and palladium prices remained at some of the highest levels in the past decades, supporting investment demand. Still, efforts by top consumer China to shift toward electric vehicles likely capped palladium’s industrial demand—which forms around 80% of total demand.