Gold and silver dominated news in 2025 with their strong rallies, but in the background, other precious metals like platinum and palladium climbed. 2026 presents an inflection point at which these PGMs can either claim their slot in the spotlight or continue to suffer the relative obscurity that they have faced over recent years.
Last year saw the price of platinum climb by approximately 126%. Palladium also rallied by about 80%. While these numbers may look tame in comparison to silver’s gains of roughly 150%, they can’t be discounted and investors are beginning to show renewed interest in these PGMs. Analysts have taken note, and focus is increasingly being directed at platinum and palladium.
The fundamentals of these two metals are increasingly suggesting a narrowing of the market supply of these metals, and that could have a major upside impact on their prices going forward.
Shifts within the automotive sector, the primary market for platinum and palladium, have a big role to play. Previously, it was expected that as the world rapidly electrifies its automotive industry, demand for platinum and palladium will decline since these metals play a big role in the making of catalytic converters for gasoline and diesel-powered vehicles. The slowdown in the uptake of electric vehicles, especially in the U.S., has reversed to a degree the anticipated diminishing of PGM demand within the automotive sector.
Additionally, platinum and palladium have other industrial uses in the glass industry, consumer electronics and other industrial uses. These industrial applications are projected to be robust in 2026, and that suggests increasing demand for these PGMs.
Furthermore, regulation and geopolitics are coming into focus with respect to these metals. In the U.S., the two PGMs were designated as critical metals and a Section 232 inquiry suggests that tariffs could be imposed on platinum and palladium, even if there is a delay in the coming into effect of those tariffs in the U.S.
The geopolitical swings also add urgency to impulses to stockpile the two metals “just-in-case.” This stockpiling would mean that available inventories in LME and Comex warehouses shrink, especially given the fact that many years of depressed prices have reduced the need for producers to invest in new mines to extract these metals.
The situation is very much in flux, and with so many possible scenarios that can play out in 2026, analysts are widely divided on the price outlook for platinum and palladium during this year and beyond. For example, TD Securities forecasts that platinum could reach close to the $2,000 an ounce price in H2 of 2026 while BMO Capital Markets forecasts that platinum could hover around $1,375 while palladium could trade around $1,150.
So much depends on regulation and geopolitics, which is why predictions vary so much. You can be sure that firms like Platinum Group Metals Ltd. (NYSE American: PLG) (TSX: PTM) that are major players in the global production of these metals will be keeping close tabs on the different factors affecting the market.
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