Current Platinum Price
Keep track of platinum’s prices with Metals Radar’s live platinum spot price chart. We refresh our platinum prices every few minutes to give you the most accurate information for your platinum buying or selling decisions. Our chart automatically displays the live spot of platinum per oz in US dollars, however you can change this to view prices in your local currency.
Platinum is a rare and valuable precious metal with numerous applications, including in the use of jewelry, automobiles, fiberglass, and petroleum. It is favored by investors for its intrinsic value, ability to act as a portfolio diversifier, and various industrial uses. Like any other investment, platinum’s prices can fluctuate up and down frequently. To identify ideal opportunities to buy or sell platinum, or assess the value of your investments, it’s essential to keep track of its movements.
Come back to this chart to monitor platinum spot prices and understand how the market is moving. You can also study how the platinum spot price has performed historically by toggling the chart to display movements over the last quarter, month, year, five years, and 20 years.
What is the platinum ‘spot price’?
Platinum’s spot price refers to how many US dollars you need to buy one troy ounce of platinum. This is the current price of platinum in international markets.
What’s a troy ounce?
Platinum and other precious metals are measured in troy ounces, with one troy ounce being slightly heavier than a regular ounce. One troy ounce is 31.1035 grams while a regular ounce is 28.3495 grams. There are 32.15 troy ounces in one kilogram.
When you purchase platinum bars and coins, it’s important to keep in mind that prices are quoted in troy ounces. Most platinum coins can be bought in denominations between 1/10 oz and 2 oz while platinum bars can vary in sizes from 1 oz up to 100 oz.
Who sets the price of platinum?
Like gold and silver, platinum’s price is set by the London Bullion Market Association (LBMA), administered by the London Metal Exchange (LME). It has both a spot price and a fixed price:
- Spot price: Platinum’s spot price is the current market price, usually updated every few minutes. This is the live price you see on our chart.
- Fixed price: This price is set by the London Metal Exchange and mostly used for bulk purchases of platinum, helping cushion against the minute-by-minute price fluctuations.
What drives platinum prices?
The platinum market can be volatile and is influenced by various factors. These factors can drive the metal’s price up or down. If you plan to invest in platinum, it’s important to be aware of what affects platinum prices so you can better understand its movements and spot ideal times to buy and sell.
Conditions in South Africa
The majority of the world’s platinum is mined in South Africa. Because of this, conditions in the country can easily drive platinum prices up or down. For example, worker strikes in South African platinum mines can affect supply and drive platinum prices up. Economic or political instability can do the same.
The automotive industry
A large chunk of the world’s platinum is used in the automotive industry to create autocatalysts, coat airbags, and power the electronics used in car engines. Because of this, the automotive industry has a huge impact on platinum prices. If people were to buy more cars, platinum’s price would likely increase, while people buying less cars might drive prices down.
At the same time, technological advances in the automotive industry might replace platinum with another metal or technology, reducing demand and lowering prices. Keeping an eye on the automotive industry can help you better understand and predict platinum’s price movements.
The value of the US dollar
Like gold, platinum’s price can be affected by the US dollar. This is largely related to its mining in South Africa. If the US dollar depreciates against the South African Rand, profit margins for platinum mines will decrease. This can affect the supply of platinum, driving its price up.
Investment demand
Platinum investors can also influence the price of the precious metal. If everyone on earth decides to buy platinum, its price will naturally decrease. The opposite is true: when investors are selling off platinum, its supply will increase and prices will drive down.
Is now a good time to buy platinum?
Many people wonder when is the best time to buy platinum. The truth is, it’s difficult to predict whether now is a good time to buy platinum. Nobody knows whether its prices will increase or decrease in the future.
That said, platinum has the ability to act as a portfolio diversifier, just like gold and silver. This makes it a valuable investment that can balance overall risk. When traditional assets, like stocks and bonds, depreciate, the value of precious metals like platinum tends to increase, providing an excellent hedge for investors.
Many people like to trade platinum based on its price charts, spotting ideal opportunities to buy and sell platinum based on its daily movements. If this is what you have in mind, we advise checking our platinum price chart frequently to understand its movements based on current political, economic, and industrial factors. With a good understanding of the various factors that influence platinum’s price, you can make a sound decision.
If you want to buy platinum now, use Metals Radar’s comparison engine to find the best platinum prices from the most trusted precious metals dealers online. We search the web to find the lowest prices on platinum bullion bars and coins so you don’t have to.
Will platinum prices rise or fall in the future?
The platinum market is volatile and its price is heavily dependent on industrial applications and uses. For that reason, it’s difficult to predict whether its price will increase or decrease in the future. If a new technology relied on the use of platinum, for example, its price would undoubtedly skyrocket. If a technology that currently relies on platinum becomes obsolete, its price will fall.
We recommend carefully studying the history of platinum prices to create your own projections or forecasts. To do this, use our platinum price chart to view price movements over the last ten or 20 years. When you see significant fluctuations, research what events happened during that time which may have contributed to its price movements. This will help you better understand how platinum’s price might move in the future.
What is the highest price of platinum historically?
Platinum’s highest price ever recorded was $2,290 USD per oz in March 2008. This record high was largely attributed to supply issues in South Africa combined with geopolitical and economic issues due to the recession.
Buy platinum bullion
The best way to invest in platinum is to buy high-quality platinum bullion bars or coins. To help you decide which is best for you, we look at the differences between each of these investments below.
Platinum bars
These are blocks of at least 9995 pure platinum, mostly minted by private refineries. Platinum bars are a good option for those who want to purchase large amounts of the metal and hold it for long periods of time. Their prices are closer to the spot price of platinum, meaning you’ll be able to buy more platinum for the same amount of money when compared to platinum coins (which carry higher premiums).
You can buy platinum bars in various sizes, from 1 gram up to 1 kilogram, depending on your budget and investment goals. Keep in mind that purchasing larger platinum bars reduces liquidity. You won’t be able to sell off small amounts of the metal unless you melt down the entire bar. This is why we recommend buying platinum bars if you plan to hold them long-term.
The best platinum bullion bars are minted by Argor-Heraeus, Valcambi, and PAMP Suisse.
Platinum coins
These are coins made from at least 9995 pure platinum and minted mostly by government mints. Platinum coins carry a higher premium over the spot price of platinum due to their remarkable craftsmanship and distinct designs. While you may pay slightly more to purchase platinum coins, their price may increase beyond the value of the metal itself due to collectibility and historical significance.
You can buy platinum coins in various sizes, from 1/10 oz up to 2 oz, making them ideal for investors of all budgets. Their smaller size makes platinum coins more liquid and easy to sell off smaller amounts when required. The most popular platinum bullion coins are the Platinum Britannia (UK), Platinum Maple Leaf (Canada), Platinum Kangaroo (Australia), and Platinum American Eagle (USA).
Find the best platinum prices online
Ready to invest in platinum? You’ll find that different precious metals dealers offer different prices for their platinum bullion products. To maximize your investment, it’s worth searching for the lowest prices so you can buy more platinum for your dollar.
Instead of sifting through dozens of websites, you can use Metals Radar’s comparison tool to search for the lowest platinum bullion prices on the market today. Our comparison engine only searches the most trusted precious metals dealers so you can secure the best prices with confidence.