Platinum Spot Price
Live platinum prices and interactive charts
Frequently Asked Questions About Platinum Prices
What is the spot price of platinum?
The spot price of platinum is the current market price for immediate delivery of one troy ounce of platinum. Platinum is rarer than gold and has significant industrial applications, particularly in automotive catalytic converters, making it both a precious metal and a critical industrial commodity.
Why is platinum valuable?
Platinum is one of the rarest elements on Earth, approximately 30 times rarer than gold. Its unique properties include extreme resistance to corrosion, high melting point, excellent catalytic properties, and durability. These characteristics make it essential for automotive catalytic converters, jewelry, electronics, and chemical processing. Its rarity and industrial necessity drive its value.
What drives platinum prices?
Platinum prices are influenced by: (1) Automotive industry demand (catalytic converters); (2) Diesel vehicle sales particularly in Europe; (3) Mining supply, primarily from South Africa (70%) and Russia (11%); (4) Palladium price movements (substitute metal); (5) Emission standards and environmental regulations; (6) Investment demand; and (7) Industrial applications in petroleum refining and electronics.
Is platinum a good investment?
Platinum offers unique investment characteristics: it's rarer than gold, has strong industrial demand creating fundamental value, and historically traded at a premium to gold (though currently below). Investment considerations include its volatility due to industrial exposure, supply concentration in South Africa and Russia (geopolitical risks), and potential growth from hydrogen fuel cell technology. Consider it as part of a diversified precious metals portfolio.
Why is platinum sometimes cheaper than gold?
Despite being rarer, platinum can trade below gold due to: (1) Declining diesel vehicle demand (major platinum use); (2) Substitution with palladium in catalytic converters; (3) Economic slowdowns reducing industrial demand; (4) Gold's safe-haven status attracting more investment during uncertainty; and (5) Supply disruptions affecting less than anticipated. This price inversion creates potential value opportunities for investors.
What is platinum used for?
Platinum applications include: (1) Automotive catalytic converters (30-40% of demand); (2) Jewelry (20-30%); (3) Industrial catalysts for chemical and petroleum refining; (4) Electronics and computer hard drives; (5) Hydrogen fuel cells (emerging); (6) Medical devices and anticancer drugs; (7) Glass manufacturing; and (8) Investment bars and coins. Its versatility across industries creates diverse demand dynamics.