What is the Palladium/Platinum ratio?
The palladium-to-platinum ratio tracks the relative value between these platinum group metals. Palladium became more valuable than platinum around 2017.
As of August 7, 2026, the palladium to platinum ratio is 0.789, meaning one ounce of palladium buys 0.789 ounces of platinum. Palladium trades at $1,379.68 per ounce and platinum at $1,748.96 per ounce. Over the past 52 weeks the ratio has ranged from 0.684 to 0.961.
The palladium to platinum ratio is the price of palladium divided by the price of platinum. At the latest snapshot: $1,379.68 divided by $1,748.96 = 0.789.
Palladium to Platinum Ratio
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Palladium/Platinum Ratio
Historical ratio over selected time period
About the Palladium to Platinum Ratio
Why is this ratio important?
A ratio above 1.0 indicates palladium is more expensive than platinum, reflecting strong gasoline vehicle demand or platinum substitution opportunities.
Frequently Asked Questions
When did palladium overtake platinum?
Palladium overtook platinum around 2017 due to surging demand from gasoline-vehicle catalytic converters combined with chronic supply deficits. The palladium-platinum ratio crossed 1.0 and has spent significant time above it since.
Why are automakers substituting between the two?
When palladium trades at a large premium to platinum, automakers have an incentive to engineer catalytic converters that use platinum where possible. This substitution is technically demanding but provides a long-run cap on the palladium-platinum ratio.