JustChartsPlatinum and Palladium: How They Are Traded and What Moves Them
Platinum and palladium are precious metals quoted in US dollars per troy ounce, under the codes XPT and XPD. Unlike gold, most demand is industrial — especially catalytic converters in petrol and diesel vehicles — and supply is concentrated in South Africa and Russia. That makes their prices sensitive to car production, the shift to electric vehicles and mining disruptions.
Key facts
- Codes
- XPT (platinum), XPD (palladium)
- NYMEX futures
- platinum 50 oz, palladium 100 oz
- LBMA benchmark auctions
- 09:45 and 14:00 London time
- Main use
- autocatalysts (palladium mainly petrol cars, platinum mainly diesel)
- Main supply
- South Africa (platinum), Russia and South Africa (palladium)
How they are quoted and traded
- Spot: XPT/USD and XPD/USD, in dollars per troy ounce, offered as CFDs by some brokers.
- Futures: NYMEX platinum (50 troy ounces) and palladium (100 troy ounces) contracts.
- Benchmarks: the LBMA Platinum and Palladium Prices are set by auction at 09:45 and 14:00 London time; ICE Benchmark Administration took over administering them from the London Metal Exchange in July 2026.
- ETFs: physically backed platinum and palladium funds exist in several markets.
What moves the prices
Car production and emissions rules
Catalytic converters are the largest use for both metals: palladium mainly in petrol cars, platinum mainly in diesel engines and heavy vehicles. Car sales, emissions standards and the move to battery electric vehicles (which need no catalytic converter) are the biggest long-term drivers.
Concentrated supply
Most platinum is mined in South Africa, and most palladium comes from Russia and South Africa. Power shortages, strikes, sanctions or mine closures can therefore move prices sharply.
Substitution
When palladium becomes much more expensive than platinum, carmakers have an incentive to switch some catalysts back to platinum, and vice versa.
Investment and other industry
Jewellery (platinum), electronics, chemicals and hydrogen fuel-cell technology add demand, and investor flows follow the same dollar and rate forces as gold.
Volatility
Both markets are far smaller than gold, so moves of several percent in a day are common. Size positions carefully — see position sizing.
Frequently asked questions
Why is palladium sometimes more expensive than gold?
Tight supply from a few countries combined with strong demand from petrol-car catalytic converters pushed palladium above gold at times, notably around 2019–2022.
What is XPT/USD?
The price of one troy ounce of platinum in US dollars. XPD/USD is the same for palladium.
How do electric cars affect platinum and palladium?
Battery electric cars don’t need catalytic converters, so a shift to EVs reduces long-term autocatalyst demand, though hybrids still use them.
Put it into practice
Live charts, an economic calendar and trading calculators — free with a JustCharts account.
Open live metals chartsThis article is for education only and is not financial advice. Trading leveraged products carries a high risk of losing money. Contract sizes, trading hours and leverage limits vary by broker and country — always check your own broker’s specifications.