Belarus’s precious metals market is undergoing a structural divergence in pricing, where the cost of major industrial and investment metals is falling while specific platinum group elements are rising sharply. This shift reflects a reallocation of demand within the industrial sector rather than uniform market volatility, altering the economic value of available raw materials and catalysts in the region.
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Financial market and gold bars
Paladium, a key catalyst used in automotive exhaust systems, recorded the steepest decline among tracked assets, dropping 22.4% to 90.70 rubles per gram. Silver followed with a 19.5% decrease to 4.63 rubles per gram, and platinum fell 17.9% to 134.13 rubles per gram. Gold, typically viewed as a hedge, also declined 7.3% from 396.63 to 367.69 rubles per gram. These levels mark the lowest prices for silver and platinum since the beginning of 2026, while the current gold price sits near its July bottom of 365.60 rubles per gram, indicating a potential floor for these materials in the current fiscal year.
Conversely, iridium experienced the most significant price increase, rising 15.8% from 786.71 to 910.59 rubles per gram. Ruthenium also gained 7.3%, reaching 177.96 rubles per gram. In contrast, osmium and rhodium remained largely stable, with minor decreases of 2.5% and 0.8% respectively. This sharp split between falling palladium and rising iridium suggests distinct changes in industrial demand or supply availability for these specific catalysts, rather than a broad market collapse.
Simultaneously, the regulatory framework governing these assets has been adjusted. The Ministry of Finance approved new procedures for the acceptance, accounting, and storage of precious metals and stones in trade facilities and workshops. Additionally, regulations were modified to allow certain items containing precious metals to be excluded from standard accounting requirements. These administrative changes streamline compliance for the jewelry and manufacturing sectors, potentially affecting the domestic turnover and liquidity of these materials.