MOSCOW, April 8. /TASS/. The average price of platinum in 2026 may rise by 58-83%, while palladium could gain 31-60% year-on-year, according to a report by consulting firm Kept (available to TASS). At the same time, the report noted that prices for palladium and platinum, like other precious metals, are currently undergoing a period of consolidation amid the situation in the Middle East.
Platinum, along with gold and silver, set several price records and remained on an upward trend until late January 2026, when it exceeded $2,800 per troy ounce, the report said. At present, the price of platinum, like other precious metals, is undergoing a consolidation phase. On the one hand, the conflict in the Middle East further increases market uncertainty; on the other, the shift by the US and a number of major central banks toward tighter monetary policy is leading to a correction in precious metals prices, the statement noted.
Kept added that the consensus forecast for platinum prices has been revised significantly upward. Under the first scenario, in the case of improving global conditions, the average price of platinum in 2026 will reach $2,000 per troy ounce, with a tendency to stabilize around $1,700 by 2030 — assuming a reduction in the deficit, moderate demand from the automotive sector amid the growing share of electric vehicles, and increased recycling of metal from used catalytic converters. Under the second scenario, if the market deficit persists, uncertainty increases further, and demand from investors, jewelers and internal combustion engine (ICE) vehicle manufacturers remains strong, the average price could reach $2,300 per ounce, stabilizing at around $1,900 by 2030. According to Kept, the average platinum price in 2025 stood at $1,262 per ounce, implying a potential increase of 58.5-83% in 2026.
Kept also noted that palladium prices are currently in a consolidation phase, as investors take profits and monitor developments in the Middle East. In addition, the observed dynamics are influenced by more restrained forecasts for ICE vehicle production in 2026, the report said.
Analysts revised their palladium price forecasts significantly upward as well. Under the first scenario, if global conditions improve, the average price in 2026 will reach $1,500 per troy ounce, with a tendency to stabilize around $1,000 by 2030 — based on moderate demand from the automotive sector amid the growing share of electric vehicles and expanding recycling of metal from used catalytic converters. Under the second scenario, if the market deficit persists, uncertainty continues to rise and demand from ICE vehicles remains stable, the average price could reach $1,800 per ounce, stabilizing at around $1,400 by 2030. According to Kept, the average palladium price in 2025 stood at $1,140.5 per ounce, suggesting a potential increase of 31-60.5% in 2026.