Gold 
Palladium Price Outlook
“Palladium prices rose 82% during 2025, which is a strong run up in prices. That said, the gains in palladium prices were the most tepid among the group.
Palladium prices are likely to move at an elevated level in 2026, compared to where they were during the first half of 2025, but for prices to continue rising sharply would require a meaningful improvement in fundamentals.
Palladium mine supply from Canada is expected to decline sharply during 2026 due to the planned closure of the Las Des Illes mine in May 2026. Output from South Africa is also expected to grow at a slower pace as mining companies have moved away from focusing on palladium rich ore bodies following the sharp decline in palladium prices in recent years. These developments will help provide a floor to palladium prices. Russian output is expected to rise, however, as the South Cluster mines grow volume over the next few years. Overall global mine production is projected to grow during 2026, which will limit price gains.”
The full Precious Metals Advisory report is available directly from CPM Group. For more information, visit their website, www.cpmgroup.com
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