Platinum, palladium slide 19% and 23% in 2026, with analysts eyeing gains by end-Q3

Platinum and palladium are down 19% and 23% so far in 2026, trading near their June and August lows. BMI expects both metals to rebound to above $2,000/oz and $1,500/oz, respectively, by the end of Q3 2026, citing a 297,000 oz platinum deficit and above-ground stocks covering just under three months of demand through end-2026. Bank of America and BMI said an escalation in the US-Iran conflict or a stronger dollar could weigh in the near term, while tightening fundamentals remain the core driver for medium-term upside.