Palladium Price Per Ounce Today

The palladium spot price is quoted as XPD/USD, representing the current market value of one troy ounce (31.1035 grams) of palladium. The troy ounce is the standard unit of measurement for all precious metals, inherited from the medieval European trading system centered in Troyes, France. Palladium futures trade on COMEX (part of CME Group) under the symbol PA, with each contract representing 100 troy ounces of palladium.

Palladium surged from approximately $500 per ounce in 2016 to over $3,440 per ounce in March 2022 before correcting sharply as EV adoption accelerated and platinum substitution efforts progressed. The COMEX palladium contract is physically deliverable, meaning holders can take delivery of actual palladium bars meeting exchange specifications. However, palladium futures are far less liquid than gold or silver contracts, with lower daily trading volumes and wider bid-ask spreads, which contributes to the metal's characteristic volatility.

For physical investors, the Palladium Eagle coin issued by the United States Mint is the most recognized palladium bullion product, containing one troy ounce of .9995 fine palladium. First minted in 2017, it carries legal tender status with a face value of $25, though its market value is determined by the prevailing palladium spot price plus a dealer premium. Other one-ounce palladium products include bars from PAMP Suisse, Valcambi, and the Canadian Palladium Maple Leaf coin from the Royal Canadian Mint. Physical premiums on palladium products are typically higher than those on gold or silver due to lower production volumes, limited dealer inventory, and the metal's smaller investor market. Premiums of 5-15% over the spot price are common for one-ounce palladium coins and bars.