Palladium Prices

Palladium prices averaged USD 1,483 per troy ounce in May, which was 1.7% lower than April’s price and was down 28.0% from the same month last year. Meanwhile, on 31 May, palladium closed the day at USD 1,390 per troy ounce, which was down 7.2% from the same day of the previous month.

Prices in May were lower than in April. This was likely partly due to increased supply due to Sibanye-Stillwater’s Montana mine restarting production in late April after completing repair works. The strength of the dollar during May also contributed to prices falling, as the metal became more expensive for holders of other currencies. On the contrary, the anticipated end of the Fed’s tightening cycle, coupled with the demand for safe-haven assets due to vulnerabilities in the U.S. banking and commercial real estate sectors, likely supported investment demand. The price impact of robust car demand in major economies—palladium’s primary use is in cars’ catalytic converters—was likely muted by car firms drawing down on previously accumulated inventories.