In a Q1 Barchart recap of the precious metals sector, I highlighted platinum’s 8.77% Q1 decline and palladium’s 7.91% drop. Nearby NYMEX platinum futures closed Q1 at $907.70, with the palladium futures at the $1,021.50 per ounce level. In late May 2024, the metals were over the $1,000 level, with platinum higher and palladium lightly lower than the Q1 closing prices.
Despite being classified as precious metals, the industrial applications of platinum and palladium have a more significant impact on their price trends than financial factors. It's important to note that platinum and palladium futures markets are considerably less liquid than those of gold and silver, which could result in substantial price volatility when trends emerge.
