Platinum Price Today

What moves platinum that barely touches gold

The platinum price today reflects a small, industrial market. Mine output is concentrated in South Africa, with Russia a distant second, and a large share of demand comes from catalytic converters. Gold, by contrast, trades mostly on investment and central-bank demand.

Supply shocks

South Africa’s Bushveld Complex holds most of the world’s known platinum. Its mines are deep and labor-intensive, and they are exposed to power outages, strikes and safety stoppages. Any of those can tighten supply quickly, and there is little spare capacity elsewhere to fill the gap.

The diesel connection

Platinum has long been the main catalyst metal in diesel exhaust systems. After the 2015 diesel emissions scandal, diesel car sales in Europe fell. That took demand away from platinum just as gasoline engines, which rely more on palladium, gained share.

Platinum vs gold price today: how the ranking flipped

Platinum was priced well above gold through much of the 2000s and topped $2,000 an ounce in early 2008. That premium was gone by the mid-2010s, and since then platinum has usually traded below gold. That’s why anyone searching “platinum vs gold price” now tends to find platinum cheaper, even though it is rarer in the earth’s crust. Price follows current supply and demand, not rarity alone. Compare the two live on today’s gold price page.

Recycling as a second source

Mines are not the only supply. Platinum recovered from scrapped catalytic converters, old jewelry and industrial equipment returns to the market every year. Recycling from cars follows the scrappage cycle, so it tends to rise when vehicle sales and scrap metal prices are strong, and to slow when they are weak.

Substitution with palladium

Platinum and palladium can partly replace each other in catalytic converters. When palladium became far more expensive than platinum in the late 2010s, automakers began shifting some gasoline catalysts back toward platinum. That kind of switching takes years of engineering and testing, so it narrows the gap between the two metals slowly rather than closing it quickly.

Newer uses

Hydrogen fuel cells and some electrolyzers that split water into hydrogen use platinum catalysts. How large those markets become is still an open question, so price forecasts built on them deserve caution.

Platinum jewelry stamps and what they promise

The FTC Jewelry Guides set tighter rules for platinum than most shoppers expect. A plain “Platinum” or “Plat” claim needs at least 95% platinum.

A common U.S. alloy is 900 platinum with 100 iridium, stamped “900Pt 100Ir”. Watch for “platinum-plated” or “platinum finish” on cheaper pieces. Those are a thin coating with no melt value to speak of.

Why a platinum band feels heavy

Platinum’s density is about 21.45 g/cm³, against 19.32 for pure gold and about 10.5 for silver. A platinum ring the same size as a gold one weighs noticeably more, which is part of why platinum settings cost more to make.

Telling platinum from white gold

• White gold is a gold alloy usually plated with rhodium for a bright white color. The plating wears off and needs renewing.
• Platinum is naturally white and needs no plating. Over time it develops a soft gray sheen called a patina.
• When platinum is scratched, the metal is mostly pushed aside rather than lost, so it wears slowly.
• Check the stamp: white gold carries a karat mark such as 14K or 18K, platinum a Pt or Plat mark.

White gold pricing is covered on our white gold price page.

Estimating the metal in a platinum ring

1. Weigh the ring in grams and deduct the weight of diamonds or other stones.
2. Convert to troy ounces by dividing by 31.1035.
3. Multiply by 0.95 for a 950 stamp, or 0.90 for 900Pt.
4. Multiply by the spot price per ounce shown above.

Worked example

At an example price of $1,000 per ounce, an 8-gram 950 band holds about 0.244 oz of platinum, which is roughly $244 of metal. A 900Pt band of the same weight holds 0.231 oz, or about $231. Those figures are melt values. A buyer pays less, and a jeweler’s retail price includes design, labor and the higher cost of working platinum, which melts at about 1,768 °C.

Platinum coins and bars

The U.S. Mint’s American Platinum Eagle has been issued since 1997 at .9995 fine, with a $100 face value on the one-ounce coin. Bars are made in sizes from one gram to one kilogram. Premiums over spot are usually higher than for gold, because the market is thinner and fewer dealers stock platinum.

Fractional Platinum Eagles

In 1997 the Mint also struck half-ounce, quarter-ounce and tenth-ounce Platinum Eagles, with face values of $50, $25 and $10. Fractional coins cost more per ounce of platinum than the one-ounce size, because striking and handling costs are spread over less metal.

Why platinum repairs cost more

Platinum’s high melting point means jewelers need hotter torches or laser welders, and platinum filings must be collected carefully. Sizing a platinum ring or retipping prongs usually costs more than the same work in gold, which is worth knowing when comparing the two metals for a ring you plan to wear for decades.

How platinum is priced and taxed

Where the benchmark comes from

Platinum futures trade on NYMEX, part of CME Group, with each contract covering 50 troy ounces. In London, twice-daily benchmark auctions set a reference price for platinum and another for palladium. The spot price on this page tracks the live market between those benchmarks.

The platinum group

Platinum is one of six platinum group metals, along with palladium, rhodium, ruthenium, iridium and osmium. They occur together in the same ores, so a mine producing one produces some of the others. That link means platinum output can be affected by the economics of its sister metals. The palladium price page covers the metal platinum is most often traded against.

Taxes and sales tax

The IRS treats platinum bullion as a collectible, so long-term gains face a maximum federal rate of 28%. Some states tax bullion purchases, and exemptions sometimes cover gold and silver but not platinum. Check your state on the bullion sales tax by state page.

Why the platinum price can gap overnight

Platinum trades in far smaller volume than gold, especially outside London and New York hours. A single large order, a strike announcement in South Africa or an export headline can move the quote several percent before U.S. traders are at their desks. Checking the day range on this page shows how far the price travelled while you were away.

Short glossary

• Spot price: the current price for one troy ounce of pure platinum for prompt delivery.
• Fineness: platinum content in parts per thousand, such as 950.
• Iridium and ruthenium: harder platinum group metals added to jewelry alloys for durability.
• Autocatalyst: the catalytic converter coating that uses platinum group metals.

All four precious metals are listed together on the precious metals prices page.