Palladium Price in USD — The Global Benchmark
The palladium price in USD — quoted as XPD/USD — is the world's primary reference rate for palladium trading. It represents the cost of one troy ounce of pure palladium (999.5 fine) for immediate spot market delivery, settled in US Dollars. All other currency-denominated palladium prices — EUR, GBP, JPY — are derived from the USD spot rate at current exchange rates.
What is XPD/USD?
XPD/USD is the ISO market ticker for palladium priced in US Dollars. XPD is the ISO 4217 precious metal code for palladium, derived from its chemical symbol Pd (Latin: Palladium, named after the asteroid Pallas). It trades on COMEX — part of the CME Group in New York — and in the OTC spot market coordinated through the London Platinum and Palladium Market (LPPM).
Why is palladium priced in USD?
The US Dollar is the world's primary reserve currency and the universal settlement currency for international commodity markets. COMEX palladium futures — the most liquid palladium derivatives contracts — are denominated in USD, as are LPPM OTC spot transactions. This ensures global market participants from Tokyo to Zurich trade against a single, liquid, transparent benchmark.
What moves the XPD/USD price?
- Automotive demand: Over 80% of global palladium is consumed in catalytic converters for gasoline and hybrid engines. Vehicle production data from China, the US, Europe, and Japan directly drives today's XPD/USD price.
- Russian supply: Norilsk Nickel (Russia) produces ~40% of world palladium. USD-denominated sanctions, export controls, or operational disruptions cause immediate price spikes.
- South African production: South Africa contributes ~38% of global supply. Power outages (load-shedding), labour disputes, and mine safety issues are recurring supply risk factors.
- EV adoption rate: Battery electric vehicles require no catalytic converters. Accelerating EV penetration is a structural long-term headwind suppressing XPD/USD from its 2022 peaks.
- Platinum substitution: Automakers can partly substitute platinum for palladium in petrol catalysts, creating a technical price ceiling against runaway XPD/USD premiums.
- US Dollar index (DXY): As with all USD-priced commodities, a strengthening dollar suppresses XPD/USD and vice versa.
- COMEX speculative positioning: Net long or short positions in COMEX palladium futures from hedge funds and commodity trading advisors (CTAs) amplify short-term price moves.
Palladium price in USD per gram and kilogram
- Per troy ounce: The global standard — shown live in the chart above.
- Per gram: Divide the USD/oz spot price by 31.1035. At $950/oz ≈ $30.54/g.
- Per kilogram: Multiply the gram price by 1,000. At $950/oz ≈ $30,540/kg.
Palladium USD price history
- 2001: First major spike above $1,000/oz on Russian supply squeeze — then crashes to below $200/oz
- 2008: Falls below $160/oz in the financial crisis
- 2019: Surpasses gold price for the first time on chronic supply deficit
- 2022: All-time high above $3,000/oz following Russia's invasion of Ukraine
- 2023–25: Sharp correction to $900–$1,100/oz as EV growth and substitution erode demand outlook
Spot price vs. physical palladium in USD
The XPD/USD spot price is a wholesale market rate for professional settlement — not the retail price for physical metal. Physical palladium bars and coins carry a dealer premium of typically 3–8% above spot. In the United States, physical palladium may also be subject to state sales tax depending on the jurisdiction and product type. The price shown here excludes all premiums and taxes.