Platinum and palladium outlook dims for 2026, but a rebound is seen in 2027

what happened

Analysts and traders have lowered their platinum and palladium price forecasts for 2026 for a third quarter in a row. They point to cooling demand and a darker outlook for the auto sector. The data comes from a Reuters survey of 22 analysts and traders conducted over the past three weeks.

The median platinum forecast for 2026 is $1,899.50 a troy ounce, down from $1,925 three months ago. Platinum has dropped 49% from the January record of $2,919 to around $1,500. For palladium, the median 2026 estimate is $1,440 an ounce, versus $1,483 in the previous poll, compared with a current spot price of $1,015.

The view for 2027 is more cautiously optimistic. GoldCore CEO David Russell said steady catalyst demand from hybrid vehicles and a modest jewellery recovery could support platinum. Nornickel said an overhaul of one of its plants will affect output of its key metals in 2027 and possibly 2028.

why it matters

Two forces matter for the market here. Constrained Russian supply and relatively low inventories support prices, while shrinking car demand and rising electric vehicle adoption weigh on palladium. The signal for these metals is mixed, and expectations of a 2027 recovery remain the main argument for optimists.

market impact

Platinum and palladium: weak auto demand pressures forecasts, while Russian supply constraints provide support

• ↔Platinum mixed — weak auto demand weighs on price, while low inventories and a deficit support it
• ↔Palladium mixed — shrinking auto demand weighs on price, while Russian supply constraints support it

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