Precious metals · live ratio
Gold to Palladium Ratio
The gold to palladium ratio is 3.448 — gold at $4,637.72 per troy ounce divided by palladium at $1,345.10 per troy ounce. One ounce of gold is worth about 3.448 ounces of palladium.
This is the most violent of the major precious-metal ratios. Palladium spent much of 2018 to 2022 trading above gold, pushing the ratio below 1.0, then gave the entire move back.
Prices as of Aug 24, 2026, 9:27 AM UTC. Change either side of the calculator to price any other pair, or read the unit reference for how cross-unit ratios should be read.
Gold to Palladium ratio
1.000 T.oz of gold = 3.448 T.oz of palladium
Inverse (PA/XAU): 0.2900 — one Troy Ounce of palladium buys that much gold.
Near the top of its 1 year range — historically stretched. (99th percentile of the last 1 year)
Gold
$4,637.72
per Troy Ounce
Palladium
$1,345.10
per Troy Ounce
Unit basis: USD per Troy Ounce ÷ USD per Troy Ounce. The ratio reads as Troy Ounces of palladium per Troy Ounce of gold. Prices as of Mon, 24 Aug 2026 09:27:40 GMT.
1Y average
3.035
median 3.083
1Y low
2.196
Jan 29, 2026
1Y high
3.712
Jun 5, 2026
Normal band
2.791–3.279
mean ± 1 std dev
Deviation from mean
+1.69σ
313 observations
Gold to Palladium ratio charts
Pick a range once — it applies to the XAU/PA ratio line, the OHLC candles and the Gold / Palladium price chart below.
XAU/PA ratio line
How many T.oz of Palladium one T.oz of Gold buys, over 1Y.
XAU/PA ratio candles
Open, high, low and close of the XAU/PA ratio for each period in the last 1Y.
Gold and Palladium prices
Both legs of the ratio on their own axes, so you can see which one moved over 1Y.
How to calculate the gold to palladium ratio
Gold to palladium ratio = gold price per troy oz ÷ palladium price per troy oz
Both metals are quoted in US dollars per troy ounce, so the units cancel and the ratio is a plain unitless number.
Worked example, live prices: $4,637.72 ÷ $1,345.10 = 3.448. The inverse is 0.2900.
A market defined by one application
Palladium is the most demand-concentrated of the precious metals: roughly 80% of it goes into gasoline autocatalysts. There is no meaningful investment bid, no central bank holdings, and very little jewellery demand to cushion an industrial downturn. That concentration is what produces the moves — a tightening emissions standard or a shortfall in vehicle production shows up in the palladium price almost immediately, and gold does not move in sympathy.
Supply is just as concentrated. Russia's Norilsk Nickel and South African PGM mines account for most global output, and palladium mostly arrives as a by-product of nickel and platinum mining. That means supply barely responds to the palladium price itself, so demand shocks have nowhere to go except into the price.
The inversion and the unwind
From 2018 palladium ran to record highs above $3,000 an ounce on emissions-driven loading and a persistent supply deficit, taking the ratio below 1.0 — palladium worth more per ounce than gold. Two things ended it: automakers engineered substitution back toward platinum, which is chemically capable of the same job, and EV adoption began removing catalytic converters from the road entirely.
Over the trailing 1 year the ratio has averaged 3.035, with a low of 2.196 and a high of 3.712. Today's 3.448 is at the 99th percentile. Because the substitution channel runs both ways, this ratio has more genuine mean-reversion pressure behind it than gold against a metal with no substitute.
Other commodity ratios
Each of these has its own page with live pricing, a full year of history and the range statistics.
- Gold to silver ratio
- Gold to platinum ratioPrecious metals · live ratio
- Gold to oil ratioMacro ratio · live
- Gold to copper ratioGrowth vs fear · live ratio
- Silver to platinum ratioIndustrial precious metals · live
- Copper to silver ratioElectrification metals · live
- Oil to natural gas ratioEnergy substitution · live
- Platinum to palladium ratioPGM substitution · live
- Gold to natural gas ratioMonetary vs energy · live ratio
Live prices behind the ratios
| # | Symbol | Name | Rate (USD) |
|---|---|---|---|
| 1 | XAU | Gold | 4641.78 |
| 2 | XAG | Silver | 68.86 |
| 3 | WTIOIL-FUT | Crude Oil WTI Futures | 85.69 |
| 4 | BRENTOIL-FUT | Crude Oil Brent Futures | 92.72 |
| 5 | NG-FUT | Natural Gas Futures | 2.75 |
| 6 | PL | Platinum | 1884.84 |
| 7 | PA | Palladium | 1346.10 |
Frequently asked questions
What is the gold to palladium ratio today?
The gold to palladium ratio is 3.448, meaning one troy ounce of gold is worth about 3.448 troy ounces of palladium — $4,637.72 per ounce of gold divided by $1,345.10 per ounce of palladium.
Was palladium ever worth more than gold?
Yes. From roughly 2018 to 2022 palladium traded above gold, peaking above $3,000 per troy ounce and putting the ratio below 1.0. Emissions-driven autocatalyst loading plus a multi-year supply deficit drove it, and substitution back to platinum plus EV adoption unwound it.
Why is palladium so volatile compared with gold?
Roughly 80% of palladium demand is gasoline autocatalysts, with no central bank or significant investment bid to absorb shocks. Supply is a by-product of nickel and platinum mining, so it barely responds to price. Concentrated demand plus inelastic supply produces large moves.
Do platinum and palladium compete?
Directly. They are substitutable in autocatalysts, and automakers actively re-engineer loadings toward whichever is cheaper. That substitution loop is why extreme readings in this ratio, and in the platinum to palladium ratio, tend to correct rather than persist.