Live data
Palladium Price API
Real-time palladium spot prices in 180+ currencies.
Palladium rose more than 6% on Wednesday, Nov. 4, back toward $1,000 an ounce, as precious metals rallied after projections showed Democrats winning control of the U.S. House in the midterm elections. The jump followed two days of losses that took the bid to $915 on Tuesday.
Metal Sentinel's palladium price API showed a bid of $974 at 3:23 p.m. GMT Wednesday, up $58, or 6.3%, on the day, in a range of $908 to $1,022. The ask stood at $1,014.
The bid had stood at $961 on Friday, Oct. 30, and $933 on Monday. Palladium lost about 19% in October and ended the month below $1,000 for the first time since June 2025, MineListings reported, citing Anadolu Agency closing prices.
A rally after the midterms
Palladium was up 6.5% at $994.25 at 10:02 a.m. EST Wednesday, CNBC reported. Platinum gained 4.4% to $1,478.35, gold 2.7% to $4,036.02 and silver 4.7% to $52.11.
The dollar index fell about 0.4%, Treasury yields moved lower and U.S. stocks rose as political risk eased, according to the report.
Rhona O'Connell, head of market analysis for EMEA and Asia at StoneX, said in a note Tuesday that a Democratic Congress would likely weigh on rates and the dollar. "Less fiscal stimulus argues for lower long yields and a softer dollar," she wrote.
Daniela Hathorn, a senior market analyst at Capital.com, called the recovery fragile. She said investors may sell liquid or profitable positions to raise cash during sharp drops in stocks, CNBC reported.
Nornickel expects output near the top of its range
Nornickel, which mines about 40% of the world's palladium, said on Oct. 26 that its third-quarter palladium output rose 25% from the second quarter to 736,000 ounces. Output for the first nine months fell 4% from a year earlier to 1.934 million ounces.
The Russian company kept its 2026 forecast of 2.415 million to 2.465 million ounces. "We expect copper and palladium output to be at the upper end of the annual forecast range," it said.
Nornickel also said a nine-month overhaul of a flash-smelting unit at its Nadezhda Plant, starting next year, will affect output of its main metals in 2027 and possibly 2028.
Russian metal still enters the United States without the duties Sibanye-Stillwater and the United Steelworkers union had sought. The U.S. International Trade Commission ruled in its final determination, filed June 15, that imports of unwrought palladium from Russia did not materially injure U.S. industry. Its ruling meant the anti-dumping and countervailing duties set by the Commerce Department earlier in the year did not take effect.
Hybrids keep catalyst demand steady
About 11.3 million vehicles with catalytic converters were sold in the United States in the first nine months of 2026, slightly more than a year earlier, even though total light-vehicle sales fell 1.7%, Heraeus said in its Oct. 12 Precious Appraisal.
Hybrids raised their market share to 15.6% from about 12.5%, while battery electric vehicle sales fell 29.2% after federal tax credits ended, the German refiner said. It said the shift toward hybrids supports palladium use in U.S. catalysts.
Forecasts for the full year differ. Johnson Matthey said in May that palladium could move into a small surplus in 2026 as demand falls 9%, while Metals Focus expects a deficit of about 376,000 ounces.
Rates and the calendar
The Federal Reserve held rates at 3.75% to 4% on Oct. 28 and left a December hike open. Two U.S. reports in the next week will shape expectations for that decision:
Friday, Nov. 6: October jobs report, 8:30 a.m. EST.
Tuesday, Nov. 10: October consumer price index, 8:30 a.m. EST.
Levels to watch
Support: $908, Wednesday's low. Below that, $900.
Resistance: $1,000, then $1,022, Wednesday's high. Above that, $1,048, the high on Oct. 30.
Metal Sentinel's forecast
Metal Sentinel expects palladium to trade between $930 and $1,030 an ounce for the rest of the week of Nov. 2. A weaker dollar supports prices. Nornickel's plan to produce near the top of its range and the chance of a December Fed hike limit gains.
A strong jobs report on Friday would raise the odds of a hike and could push the bid back below $950. A weak report would give palladium its best chance to close the week above $1,000.
For more on this week's metals, see the platinum price forecast and the gold price forecast for Nov. 2-6. Palladium's first break below $1,000 is covered in the palladium outlook for Oct. 26-30. Metal Sentinel's palladium price API publishes live palladium bid, ask, high and low prices in more than 180 currencies.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always perform your own due diligence before investing in metals.