Precious Metal

Platinum and Palladium Sink to Multi-Month Lows as Selloff Drives the White Metals Into Oversold Territory

Platinum hit a 13-month low and palladium a 17-month low below $1,000 on Oct. 30, while Kitco's weekly survey found 10 of 16 Wall Street analysts expect gold to fall this week.

Nov 01, 2026 - 12:18

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Platinum and palladium ended last week at their lowest levels in more than a year, as a broad selloff in precious metals on Friday, October 30, 2026, pushed the so-called white metals deep into technically oversold territory, according to Reuters. Markets reopen on Sunday evening, and the first full week of November brings U.S. midterm elections and the October jobs report.

Platinum touched its lowest level in 13 months and palladium its lowest in 17 months on Friday, with palladium slipping below $1,000 an ounce, Reuters reported in a story carried by MarketScreener. In late trading, spot platinum was down 4.2% at $1,425.02 and palladium was down 3% at $976.08.

Futures and monthly losses

On the New York Mercantile Exchange, platinum futures settled Friday at $1,436.00 an ounce and palladium futures at $987.70, according to Yahoo Finance data. Based on those figures, platinum fell about 15.6% in October from $1,702.30 at the end of September, and palladium fell about 17.8% from $1,201.40.

Measured by Trading Economics data, platinum lost 16.65% in October, the second-steepest monthly decline among major precious metals after silver's 19.17%, while gold fell 7.23%, Mint reported. Platinum dropped below $1,500 an ounce to its lowest since September 2025 and was down 8% on a yearly basis, the report said.

Why the white metals fell further than gold

Silver, platinum and palladium each fell 7% to 9% last week, compared with a 2.9% decline in gold, Reuters reported. That drop took their Relative Strength Index, a momentum indicator, deep into the "oversold" zone for the first time in three years. The gold-platinum ratio, which measures how many ounces of platinum one ounce of gold buys, rose to 2.7, its highest since mid-2025.

"What is particularly troublesome for the white metals is that the downturn has been grinding and relentless rather than a sharp spike that is quickly recovered," said Tai Wong, an independent metals trader, according to Reuters. Unlike gold, the three white metals lack support from central bank purchases and safe-haven investment demand, the report said, and palladium was under pressure from concerns about demand from the auto industry.

Cars account for more than 80% of palladium demand through catalytic converters in gasoline vehicles, according to Kalkine, which said palladium was down 40.51% since the start of the year. Supply has offered some support: Russia, the largest producer, has constrained output, and Nornickel has warned that an overhaul at one of its plants could extend into 2028, the report said.

Silver fell below $50 an ounce for the first time in 11 months on Friday, and 79 ounces of silver were needed to buy one ounce of gold, the most in 11 months, Reuters reported. HSBC expects silver to average $64 an ounce in 2027, down from its forecast average of $71 for this year. Gold is down 30% from its record high of $5,595 set in January.

Kitco survey: Wall Street turns bearish on gold

Professional forecasters have turned sharply negative on gold for the week ahead. Of 16 analysts in the Kitco News Weekly Gold Survey, one, or 6%, expects gold to rise, 10, or 63%, expect it to fall, and five, or 31%, expect sideways trading or could not predict a direction. In Kitco's online poll of 184 retail participants, 98, or 53%, expect higher prices, 56, or 30%, expect lower prices, and 30, or 16%, expect consolidation.

Spot gold set a weekly high of $4,082.50 an ounce on Wednesday and a weekly low of $3,870.25 late Friday, its weakest level in more than a year, Kitco reported. "Gold's shine has dulled," said Marc Chandler, managing director at Bannockburn Global Forex, who said gold "can fall into the $3750-$3850 range" if it pushes to new lows for the year. Jesse Colombo of the BubbleBubble Report said the next support level he is watching is around $3,500 if the $3,900 to $4,000 zone on Comex futures breaks on a closing basis.

The week's U.S. calendar includes the ISM manufacturing index on Monday, JOLTS job openings and the midterm elections on Tuesday, ADP payrolls and the ISM services index on Wednesday, the Bank of England's policy decision and weekly jobless claims on Thursday, and October nonfarm payrolls on Friday, according to Kitco.