Platinum Price Today — What You Need to Know
The platinum price today is quoted as XPT/USD — the ISO ticker for platinum against the US Dollar — representing the cost of one troy ounce of pure platinum (999.5 fine) for immediate spot market delivery. Platinum trades on the COMEX in New York and the London Platinum and Palladium Market (LPPM), with additional liquidity from OTC desks in Tokyo, Zurich, and Hong Kong.
Platinum — the rarest precious metal
Platinum is approximately 30 times rarer than gold. Annual mine production of platinum is around 180–200 tonnes, compared to over 3,300 tonnes for gold. More than 70% of the world's platinum supply comes from a single country — South Africa — with Russia contributing most of the remainder. This geographic concentration makes supply highly sensitive to labour disputes, energy costs, and geopolitical tensions.
What moves the platinum price?
- Automotive demand: Platinum is the primary metal in catalytic converters for petrol and hybrid vehicles. Auto sector health is the single biggest demand driver.
- Hydrogen economy: Platinum is a key catalyst in hydrogen fuel cells and electrolysers, making it central to the clean energy transition.
- South African supply: Power outages, mine strikes, and infrastructure issues in South Africa can quickly tighten global platinum supply.
- US Dollar strength: Like all precious metals, platinum has an inverse relationship with a strong USD.
- Platinum vs. palladium substitution: Automakers can partially substitute platinum for palladium in petrol catalysts — shifts in this balance move both metals.
- Jewelry demand: Japan, China, and India are major consumers of platinum jewelry, adding seasonal and cultural demand cycles.
Platinum vs. gold — which trades at a premium?
Historically, platinum traded at a significant premium to gold due to its rarity and industrial importance. During the 2000s boom, platinum reached over $2,000/oz while gold was near $1,000/oz. However, since 2015, platinum has consistently traded at a discount to gold — a reversal driven by the diesel emissions scandal (which reduced demand for platinum-based diesel catalysts), EV adoption uncertainty, and softer industrial demand. Many analysts consider current platinum prices historically undervalued relative to gold.
Platinum price history
- 2008: All-time high near $2,300/oz before the financial crisis collapse
- 2008–09: Crashes below $800/oz during the global recession
- 2011: Recovers to ~$1,900/oz on strong auto and industrial demand
- 2015: Falls below gold price for first time in modern history after Volkswagen dieselgate scandal
- 2020–25: Trades in the $900–$1,100/oz range; hydrogen fuel cell demand emerges as new growth driver
Spot price vs. physical platinum
The spot price shown here is the professional-market settlement price. Physical platinum — bars, coins, and jewelry — is sold at spot plus a dealer premium. Platinum bullion premiums are typically 3–8% above spot for standard bars and popular coins such as the American Platinum Eagle or Canadian Platinum Maple Leaf.