Prospects for platinum and palladium in 2023

Aleksey Kalachev, an analyst at Finam Financial Group, said that demand for platinum and palladium will majorly depend on the growth dynamics of auto production this year. It will especially apply to the hybrid car sector. However, there is a probability of a deficit in the market, as demand for platinum metals might exceed supply.

Alpha Bank analysts expect high price volatility in the precious metal market in 2023. Platinum and palladium have less liquidity than other precious metals. According to forecasts, platinum prices will average between $1,000 and $1,100 per ounce in 2023. Palladium prices are likely to recover to the level of $2,000–$2,100 per ounce.