Is Platinum More Expensive Than Gold? Prices in Singapore

Many people in Singapore assume platinum is the more expensive metal. A platinum credit card sits above a gold one, and platinum rings often cost more than gold rings at the jeweller. So is platinum more expensive than gold? As a metal, not right now. Gold costs roughly two and a half times as much per ounce, and you can check it any day on our platinum price chart and gold price chart.

In this article, we compare both prices in SGD using 13 months of our own spot data. We also explain why the order has changed over time, why platinum jewellery can still cost more, and how GST works on each metal in Singapore.

Is Platinum More Expensive Than Gold? The Short Answer

The spot price is the price of one troy ounce of metal for immediate delivery on the wholesale market. Dealers sell bullion at the spot price plus a premium. When people ask which metal is more expensive, they usually mean the spot price.

Here is where the four main precious metals stood on 13 November 2026:

So the ranking today is simple: gold first, then platinum, then palladium, then silver. Gold costs about 2.56 times as much as platinum. Put differently, the price of one ounce of gold would buy you about two and a half ounces of platinum.

Gold vs Platinum Price in SGD: the Last 13 Months

One day of prices does not tell the whole story. Our price service records the spot price of each metal in SGD every day. Between 9 October 2025 and 13 November 2026, we have 389 daily readings for both metals.

What does the chart show? Both metals climbed into January 2026 and then fell back. Platinum rose faster and fell further:

• gold peaked at S$6,901.39 per ounce on 29 January 2026 and was 27.3% below that level on 13 November 2026,
• platinum peaked at S$3,576.32 on 26 January 2026 and was 45.2% below it,
• over the whole period, gold fell 3.6% (from S$5,203.29) and platinum fell 8.7% (from S$2,148.73).

Even at its January high, platinum stayed well below gold. On 26 January 2026, the best day for platinum, gold still cost S$6,430.29 per ounce.

Month-end prices

Read also: What Drives the Price of Gold? Why It Rises and Drops

The Gold to Platinum Ratio Explained

The gold to platinum ratio tells you how many ounces of platinum one ounce of gold buys. The formula is simple:

Ratio = gold price per ounce / platinum price per ounce

A ratio above 1 means gold is more expensive. A ratio below 1 means platinum is more expensive. On 13 November 2026, the ratio was 5,018.44 / 1,960.80 = 2.56.

In our data, the ratio moved in a wide band:

• lowest: 1.79 on 24 January 2026, when platinum was strongest,
• highest: 2.76 on 3 November 2026,
• average: 2.39, median 2.43,
• above 2.5 on 112 of the 389 days.

The ratio never came close to 1. For platinum to cost as much as gold at today’s gold price, it would need to rise by about 156%. That is not a forecast, just arithmetic.

Was Platinum Ever More Expensive Than Gold?

Yes. The order of the two metals has changed over time. Bloomberg reported in October 2015 that platinum had traded at a premium to gold for most of the previous decade, on average 34% higher. That year platinum fell sharply, and its discount to gold became the widest since at least 1987, according to the same report.

Since then, platinum has stayed cheaper than gold in most periods, and the gap has widened a lot. In our 13 months of data, gold was always at least 1.79 times more expensive. So if you remember platinum as the “more expensive” metal, your memory is not wrong. It is just out of date.

Why the order changed

Gold and platinum are priced by different buyers. That explains most of the change:

• gold is bought mainly as a store of value, by central banks, investors and jewellery buyers,
• platinum depends much more on industry, especially catalytic converters in cars, plus jewellery and investment,
• when industrial demand weakens, platinum can fall even while gold holds up,
• when investors look for safety, they usually turn to gold first.

In short, gold reacts to fear and money. Platinum reacts to factories and cars as well.

Why Is Platinum Cheaper Than Gold If It Is Rarer?

Platinum is mined in far smaller amounts than gold. According to the World Gold Council, gold mine production reached a record 3,672 tonnes in 2025 (Gold Demand Trends, Full Year 2025). The World Platinum Investment Council forecasts platinum mine supply of 5,551 thousand ounces in 2026, about 173 tonnes (Platinum Quarterly Q2 2026, total supply of 7,353 koz minus 1,802 koz of recycling). The years differ, but the scale is clear: the world mines roughly 20 times more gold than platinum by weight.

So why is the rarer metal cheaper? Because price follows demand, not rarity alone:

• Gold demand is huge: the World Gold Council says total gold demand, including over-the-counter trade, exceeded 5,000 tonnes in 2025 for the first time.
• Platinum demand is smaller and more cyclical: in its September 2026 update, WPIC changed its 2026 forecast from a deficit of 297 koz to a surplus of 265 koz, meaning supply is now expected to exceed demand.
• Gold has a deeper investor base: more buyers, more products and more dealers worldwide.

A rare metal with fewer buyers can be cheaper than a common metal everyone wants. That is the case with platinum today.

Platinum vs Gold Volatility: Which Moves More?

Price is one thing. How much the price swings is another. Over 388 daily changes in our SGD data, platinum moved much more than gold:

What does this mean for you? A platinum position can rise faster in a good month, but it can also drop by a third or more in a few months. Gold is not calm either, yet its swings were smaller.

Platinum vs White Gold and Gold Jewellery

If platinum is cheaper per ounce, why does a platinum wedding band often cost more than a gold one? Because a piece of jewellery is not priced like bullion. Its price depends on several things:

• Purity: a Pt950 mark means 950 parts per thousand platinum. 18-carat white gold is 750 parts per thousand gold, mixed with other metals.
• Weight: platinum is denser than gold, so a ring of the same size contains more metal by weight.
• Craftsmanship: labour and finishing are priced by the jeweller, not by the metal market.
• Retail margin: the metal is only part of the price. Design, brand and labour can be most of it.

The fineness of a piece, its weight and the jeweller’s mark-up decide the final price. So a platinum ring can cost more than a gold ring even when platinum metal is cheaper. For investment, though, jewellery is a poor choice: you pay for work you cannot sell back at full value.

GST on Platinum and Gold in Singapore

Singapore exempts investment precious metals (IPM) from GST, which is 9% since 1 January 2024. The exemption has applied since 1 October 2012. The rules for gold and platinum are similar, but not identical. They are set out in the IRAS e-Tax Guide on Investment Precious Metals (twentieth edition, 30 January 2026). Our glossary entry on investment precious metals and GST covers the basics.

Two points stand out for platinum buyers:

• a platinum bar from a refiner on the LPPM platinum Good Delivery list can qualify for the exemption,
• for platinum coins, the IRAS guide gives no prescribed list, so ask the dealer in writing whether GST is included before you pay.

Does 9% matter? Yes. On a platinum coin priced at spot, 9% GST would add about S$176 per ounce at the 13 November 2026 price.

Gold and Platinum Offers From Singapore Dealers

Our price service tracks offers from Singapore dealers every day. On 13 November 2026, we found no platinum bars or coins listed by the Singapore dealers we track. That is not unusual: platinum is a niche product here, and stock is thin.

Gold is easier to find. For example, Silver Bullion listed a 1 oz Kangaroo 2025 gold coin at S$5,205.63 on 13 November 2026, about 3.7% above the gold spot price. Our premium over spot guide explains how to calculate this figure:

Premium % = (dealer price – spot price) / spot price × 100

If you want to compare offers, start with our pages for gold coins, gold bars and the Kangaroo gold coin, or see the list of Singapore dealers we track.

Read also: What Is the Cheapest Way to Buy Gold in Singapore?

Is Platinum a Better Investment Than Gold?

There is no single answer, because the two metals do different jobs. A simple way to decide:

Choose gold if:

• you want a store of value with a large, liquid market,
• you prefer smaller price swings,
• you want many products and dealers to choose from in Singapore.

Choose platinum if:

• you already hold gold and want a small position in a different metal,
• you accept that the price can fall by 40% or more within months,
• you can find a GST-exempt platinum bar at a fair premium.

Some investors buy platinum because it is cheap compared with gold. A high ratio can fall again if platinum recovers, but it can also rise further. Nobody knows which way it will go. If you are new to precious metals, our guide to the minimum amount to invest in gold in Singapore is a good place to start.

Summary: Is Platinum More Expensive Than Gold?

Compare Gold and Platinum Prices in Singapore

Which metal is cheaper changes over time, and so does the premium each dealer charges. At Metals Radar, we track spot prices and dealer offers in Singapore every day, so you can see what you actually pay above spot before you buy.

Follow the platinum price in SGD, the silver price and the palladium price, or compare investment gold from Singapore dealers.

This article is for informational purposes only and is not investment or tax advice.