How the platinum price is set
Platinum is priced per troy ounce in US dollars. The LBMA Platinum Price, set twice each working day in London, is the benchmark for the physical market, and NYMEX platinum futures in New York are the most widely followed traded contract.
Our charts show daily closing prices of platinum futures, which track the spot price closely. Prices in pounds sterling, euros, Swiss francs, Canadian dollars and UAE dirhams are converted at each day's reference exchange rate.
What moves the price of platinum
Platinum is rarer than gold, and most of it comes from a single country: South Africa produces around 70% of the world's mined platinum, with Russia a distant second. Problems at South African mines, such as power shortages or strikes, can move the price quickly.
On the demand side, platinum is used in catalytic converters, especially for diesel vehicles, as well as in jewellery, the chemical and glass industries, and increasingly in hydrogen fuel cells and electrolysers. Investment buying of coins and bars adds to this demand.
Platinum compared with gold
Platinum traded above gold for most of the 2000s, but has been well below it since 2015. Some investors buy platinum because of that gap, expecting it to narrow; others see the gap as a reflection of weaker demand from the diesel car market. Either way, platinum's price depends far more on industry than gold's does.
The platinum price in pounds, euros and other currencies
Platinum is priced in US dollars, so we convert each day's dollar price at that day's reference exchange rate to show it in pounds sterling, euros, Swiss francs, Canadian dollars and UAE dirhams. The comparison chart above shows how the price of an ounce has changed in each currency over the same period.
Spot price and the price you pay
Platinum coins and bars sell for the spot price plus a premium covering minting and distribution. Investment platinum is normally 999.5 fine. Every product in our shop is priced from the live spot price plus a stated premium, and your price is locked for 10 minutes at checkout. Any VAT for your delivery country is shown before you order.
Frequently asked questions
What is the platinum price today?
One troy ounce of platinum currently costs about £1,074.81, €1,287.90, US$1,438.20, CHF 1'186.63, CA$2,010.91 or AED 5,281.79 at the spot price, before any premium or VAT. Prices on this page update with the live market.
Why is platinum cheaper than gold if it is rarer?
Price depends on demand as well as scarcity. Gold is bought heavily by central banks and investors as a store of value, while platinum depends much more on industrial demand, which has been weaker in recent years.
Where does most platinum come from?
South Africa produces around 70% of the world's mined platinum. Russia is the second-largest producer.
Is the price on the chart the price I pay?
No. The chart shows the spot price. Coins and bars sell for spot plus a premium, shown on each product page.
How pure is investment platinum?
Investment platinum coins and bars are normally 999.5 fine, the standard purity used in the platinum market.
Can I sell platinum to you?
Yes. We buy platinum coins and bars at 97% of the live spot value of their fine platinum content, with no fees or commission. Request a quote on our Sell to us page and we will confirm the price by email within one working day.
