I asked what the prospects for palladium prices were in a July 9, 2026, Barchart article where I concluded with the following:
The downside risk in palladium is likely around the $1,000 level with $20 support on the PALL ETF. Risk-reward favors the upside in the current environment, but the trend remains bearish in July 2026.
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Nearby NYMEX palladium futures were trading at $1,226 per ounce on July 8, with the PALL ETF at $22.30 per share. In early November 2026, prices were lower, with palladium and PALL around $1,000 and $18.50, respectively.
Palladium prices continue to decline
NYMEX palladium futures reached a record high of $3,425.00 per ounce in March 2022 after Russia invaded Ukraine. Russia and South Africa are the world’s leading palladium-producing countries.
Source: Statista The chart shows that in 2025, Russia and South Africa produced 81% of the world's 190 metric tons of palladium mine output. The war in Ukraine sparked supply concerns that pushed palladium’s price to a record high in 2022.
The monthly continuous contract NYMEX palladium futures chart shows the 76.2% decline from the 2022 high to the August 2024 low of $813.50 per ounce. After a rally that took palladium to a lower high of $2,195.50 in January 2026, the price resumed its decline, falling to the latest low of $922 on November 4, 2026. Palladium fell to a new low for 2026 on November 4, and the lowest price since April 2025.
PALL follows palladium as it holds physical palladium bullion
The Physical Palladium ETF (PALL) tracks palladium futures prices and owns physical bullion.
The monthly chart shows the 74% decline from the 2022 high of $59.64 to the August 2024 low of $15.50 per share. After a rally that took PALL to a lower high of $39.48 in January 2026, the price resumed its decline, falling to the latest low of $16.88 on November 3, 2026. PALL fell to a new low for 2026 on November, and the lowest price since April 2025.
At $18.45 per share, PALL had $542.692 million in assets under management. PALL trades an average of more than one million shares per day and charges a 0.60% management fee.
The other precious metals followed palladium to new lows in 2026
Palladium futures did not reach record highs in January 2026, as did the other precious metals traded on the CME’s NYMEX and COMEX divisions. Palladium futures fell to a new 2026 low in in early October. Gold, silver, and platinum prices remained above their respective 2026 lows until mid-to-late October.
The weekly continuous contract COMEX gold futures chart shows futures reached a record high of $5,626.80 in January 2026, then declined 29.7% to a low of $3,955.40 in June 2026. Gold fell below the June low in late October, reaching a lower low of $ 3,879.30.
The weekly continuous contract COMEX silver futures chart shows futures reached a record high of $121.785 in January 2026, then declined 54.8% to a low of $55.00 in July 2026. Silver fell below the July low in mid-October, reaching a lower low of $ 48.62.
The weekly continuous contract NYMEX platinum futures chart shows futures reached a record high of $2,925.00 in January 2026, then declined 47.4% to a low of $1,539.60 in July 2026. Platinum fell below the July low in late October, reaching a lower low of $ 1,388.90.
Palladium fell to a new low for 2026 before gold, silver, and platinum futures followed. Palladium was a barometer for the other precious metals.
Palladium is the least liquid precious metal on the CME’s COMEX and NYMEX futures market
One possible explanation for palladium’s underperformance and leadership for the other precious metals is its liquidity. Palladium has the lowest daily volume and open interest, the total number of open long and short positions in the futures market, compared with gold, silver, and platinum.
Low liquidity tends to lead to high volatility, as bids or offers to buy or sell can evaporate during significant price moves. Palladium is a rare precious metal. Like gold, silver, and platinum, palladium has many industrial applications. However, gold, silver, and platinum tend to have more financial applications than palladium. Lower demand as a financial asset has likely weighed on palladium, pushing it to a new low for 2026.
The case for owning palladium at the current price
Gold, silver, platinum, and palladium remain in bearish trends in 2026. All the precious metals have made lower highs and lower lows since the January 2026 highs. Palladium led the other precious metals to lower lows as an important indicator, and this could continue.
If palladium’s price turns higher, expect gold, silver, and platinum to follow. However, if it makes lower lows, the other precious metals prices could continue to do so over the coming weeks. The current economic, and political landscapes favor bottoms in palladium and other precious metals prices that may already be in place.
On the date of publication, Andrew Hecht did not directly have a position in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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