I asked what the prospects for palladium prices were in a July 9, 2026, Barchart article where I concluded with the following:
The downside risk in palladium is likely around the $1,000 level with $20 support on the PALL ETF. Risk-reward favors the upside in the current environment, but the trend remains bearish in July 2026.
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Nearby NYMEX palladium futures were trading at $1,226 per ounce on July 8, with the PALL ETF at $22.30 per share. In early November 2026, prices were lower, with palladium and PALL around $1,000 and $18.50, respectively.
Palladium prices continue to decline
NYMEX palladium futures reached a record high of $3,425.00 per ounce in March 2022 after Russia invaded Ukraine. Russia and South Africa are the world’s leading palladium-producing countries.
The chart shows that in 2025, Russia and South Africa produced 81% of the world’s 190 metric tons of palladium mine output. The war in Ukraine sparked supply concerns that pushed palladium’s price to a record high in 2022.
The monthly continuous contract NYMEX palladium futures chart shows the 76.2% decline from the 2022 high to the August 2024 low of $813.50 per ounce. After a rally that took palladium to a lower high of $2,195.50 in January 2026, the price resumed its decline, falling to the latest low of $922 on November 4, 2026. Palladium fell to a new low for 2026 on November 4, and the lowest price since April 2025.
PALL follows palladium as it holds physical palladium bullion
The Physical Palladium ETF (PALL) tracks palladium futures prices and owns physical bullion.
The monthly chart shows the 74% decline from the 2022 high of $59.64 to the August 2024 low of $15.50 per share. After a rally that took PALL to a lower high of $39.48 in January 2026, the price resumed its decline, falling to the latest low of $16.88 on November 3, 2026. PALL fell to a new low for 2026 on November, and the lowest price since April 2025.
At $18.45 per share, PALL had $542.692 million in assets under management. PALL trades an average of more than one million shares per day and charges a 0.60% management fee.
The other precious metals followed palladium to new lows in 2026
Palladium futures did not reach record highs in January 2026, as did the other precious metals traded on the CME’s NYMEX and COMEX divisions. Palladium futures fell to a new 2026 low in in early October. Gold, silver, and platinum prices remained above their respective 2026 lows until mid-to-late October.
