Live prices for all six platinum group metals, palladium, platinum, rhodium, iridium, ruthenium and osmium, come from the same feed and are listed together on platinum group metal prices today.
Palladium Price per Unit in the UK#
Palladium trades in the UK by the gram, the troy ounce and the kilogram, the three units bullion dealers and industrial buyers use to quote it; no verified fact establishes a 10-gram or tola quoting convention for the UK market. The table below lists the palladium rate in the UK for each unit with its exact gram and troy-ounce equivalent.
| Weight | Grams | Troy ounces | Price in GBP (live) | Price in USD (live) |
|---|---|---|---|---|
| 1 gram | 1 | 0.0321507466 | £28.33 | $37.46 |
| 1 troy ounce | 31.1034768 | 1 | £881.24 | $1,165.00 |
| 1 kilogram | 1,000 | 32.1507466 | £28,332.52 | $37,455.62 |
Larger weights scale in a straight line: a 100 gram bar costs 100 times the gram row above. The palladium price per gram underlies every row in the table, and palladium price per gram today tracks that same rate in other currencies.
How the UK Palladium Price Is Calculated#
The GBP palladium price starts from the USD palladium spot price and adds the USD/GBP exchange rate, the UK's 20% VAT on bullion and a dealer premium; no import duty specific to palladium is established in DailyPlatinum's sources, so none is added to the formula below. The formula uses symbols and one illustrative example, never today's price.
Palladium price per gram (GBP)
= (USD spot price per troy ounce / 31.1034768)
x USD/GBP exchange rate
x (1 + UK VAT rate)
+ dealer premium per gram
Illustrative only (not today's price): if USD spot = $X/oz, FX = Y GBP/USD,
VAT = V%, dealer premium = P per gram, then
price per gram = (X / 31.1034768) x Y x (1 + V) + P
Dividing by 31.1034768, the exact number of grams in a troy ounce, turns the dollar ounce price into a gram price before the exchange rate and VAT apply. Palladium price today explains the USD leg of that calculation in full.
What Moves the Palladium Price in the UK?#
Four factors move the UK palladium price: the USD palladium benchmark, the USD/GBP exchange rate, global automotive demand for palladium, and the London dealer premium, listed below with dated evidence.
- USD palladium benchmark: set twice each business day in the IBA-administered LBMA Palladium Price auction in London, the underlying series this page converts.
- USD/GBP exchange rate: a weaker pound raises the GBP palladium price at an unchanged dollar price, and a stronger pound lowers it, since the conversion runs spot x FX directly with no offsetting term.
- Global automotive demand: automakers used 81.1% of 2025 palladium demand (8,227 of 10,140 koz) for gasoline autocatalysts, according to Johnson Matthey's PGM Market Report, May 2026, so vehicle production and platinum-for-palladium substitution feed directly into the dollar price this page converts.
- London dealer premium: bullion dealers and refiners add their own spread over the converted spot rate, which varies by dealer, order size and physical form.
VAT on Palladium in the UK#
The UK taxes palladium at the standard 20% VAT rate on the full transaction value, with no exemption for investment-grade bars or coins, under HMRC's VAT Notice 701/21. HMRC's Notice defines "investment gold" as gold only, meeting set purity and form tests, so the exemption available to gold buyers does not extend to platinum, palladium or silver, which are taxed as ordinary goods at the standard rate.
The UK Palladium Benchmark Rate#
ICE Benchmark Administration publishes the LBMA Palladium Price for London delivery twice each business day, immediately after the platinum auction closes. IBA took over administration of the benchmark from the London Metal Exchange on 1 July 2026, running an electronic auction in 60-second rounds with a minimum of 2 active Direct Participants and orders expressed in troy ounces, according to IBA's Palladium Auction Specification, February 2026.
Hallmarking and Purity of Palladium in the UK#
Hallmarking of palladium became compulsory in the UK on 1 January 2010, for articles over 1 gram, under the Hallmarking Act 1973 as amended; a voluntary, legally recognized palladium hallmark existed from July 2009 before that date. UK palladium fineness marks are 500, 950 and 999, applied to palladium (Pd), element 46 by one of the four UK Assay Offices, London, Birmingham, Sheffield or Edinburgh, the same offices that hallmark UK platinum. Articles manufactured before 1 January 2010 are not required to carry the mark.
| Attribute | Value | Instrument | Effective date | Source |
|---|---|---|---|---|
| VAT | 20% standard rate, no investment exemption for palladium | VAT Notice 701/21 | Reconfirmed 24 September 2026 | HMRC |
| Benchmark administrator | ICE Benchmark Administration (IBA) | LBMA Palladium Price | 1 July 2026 | LBMA / IBA |
| Hallmarking | Compulsory over 1 gram; standards 500, 950, 999 | Hallmarking Act 1973 (as amended) | 1 January 2010 | legislation.gov.uk; GOV.UK |
Where Palladium Is Bought and Sold in the UK#
Palladium in the UK is bought and sold through bullion dealers and refiners, with jewelry counters playing only a small role, because most of the metal's underlying demand comes from industry rather than UK retail buyers. Global palladium jewelry demand fell to just 0.8% of total palladium demand in 2025, 83 of 10,140 koz, according to Johnson Matthey, and UK palladium jewelry never scaled into a mainstream category even after the 2010 hallmark, per the same demand history.
Palladium bars and coins in the UK are sold through the bullion dealers and refiners covered on investing in palladium, while palladium jewelry or scrap sold for its metal content is covered on scrap palladium price.
Palladium vs Gold Price in the UK Today#
Gram for gram, palladium in the UK is priced against gold on the same USD benchmark and USD/GBP exchange-rate basis, not a fixed ratio between the two metals. Four UK-specific rules treat the two metals differently or alike, as the table below shows.
| Measure | Palladium | Gold |
|---|---|---|
| Price per gram, converted spot (live) | £28.33 | £100.58 |
| UK VAT treatment | 20% standard-rated, no exemption | Investment-grade bars and coins VAT-exempt |
| UK hallmarking | Compulsory over 1 gram since 1 January 2010 | Compulsory under the Hallmarking Act 1973 |
| Benchmark administrator | ICE Benchmark Administration (IBA), from 1 July 2026 | ICE Benchmark Administration (IBA), from March 2015 |
The VAT gap is the sharpest UK-specific difference between the two metals: HMRC's investment gold exemption under Notice 701/21 does not extend to palladium, so a UK buyer pays 20% VAT on palladium bullion that an equivalent gold purchase can avoid. The wider price and property comparison sits on palladium vs gold.
Other PGMs Priced in the UK#
The UK also has a published price page for platinum, the metal palladium most directly substitutes against in gasoline autocatalysts, plus palladium pages for other countries.
- platinum price in the UK today, the co-hyponym page for palladium's closest autocatalyst substitute.
- palladium price in India today, palladium converted into rupees under a different duty and GST regime.
- palladium price in Canada today, a major palladium-producing country's own domestic conversion.
- palladium price in Malaysia today, a further sibling conversion page.
Palladium Price History and Outlook#
Palladium's longer dollar price history and forecast for UK context sit on their own pages, not restated here. Palladium traded as high as $3,440.76 per troy ounce on 7 March 2022 (Trading Economics) before its steep decline; that history is covered in full on palladium price history, with named analyst outlooks on palladium price forecast.
Palladium Price in the UK FAQ#
Is palladium going up or down?#
The USD palladium benchmark set the direction; this page's widget shows the +1.13% move over 24 hours and longer periods above. Palladium has traded well below its 2022 peak for most of 2025 and 2026.
What metal is 30 times rarer than gold?#
That comparison usually describes platinum's annual mine supply against gold's, not palladium's; DailyPlatinum has not verified a palladium-to-gold supply ratio to publish here. The palladium vs gold comparison covers price and properties instead.
How much is 1 oz of palladium right now?#
One troy ounce of palladium costs £881.24 in the UK today, or $1,165.00, at the converted live rate shown in the unit table above.
Why is palladium so cheap now?#
Palladium trades far below its all-time high of $3,440.76 per troy ounce set on 7 March 2022 (Trading Economics), a decline driven largely by falling gasoline-vehicle production, reverse platinum-for-palladium substitution in autocatalysts, and softer investment demand.
Is palladium better investment than gold?#
DailyPlatinum gives no investment advice, but UK tax treatment differs: investment-grade gold is VAT-exempt under HMRC Notice 701/21, while palladium bullion is standard-rated at 20% VAT, a cost gold-only buyers avoid. The routes and costs of investing in palladium are compared separately.
Who is the biggest buyer of palladium?#
Automakers are the largest palladium buyers, accounting for 81.1% of 2025 palladium demand (8,227 of 10,140 koz), according to Johnson Matthey's PGM Market Report, May 2026, mostly for the oxidation function in gasoline autocatalysts.