Platinum price & history
Read the reference price, check the available history and understand what the number includes.
Platinum retail reference
USD 2,263.65 per troy ounce
Conversion only; charts use USD/kg.
A supplier-based retail reference, not a spot benchmark or an order price.
- Source
- EarthRarest pricing feed.
- Quote date
- Unavailable. Confirm before ordering.
What can change the final price?
Product size, premiums, storage, delivery and applicable taxes affect the final quote. The displayed reference can include a configured markup. Ask for a dated quote showing all charges before committing.
Key Price Drivers
Structural Supply Deficit
WPIC’s May 2026 assessment forecasts a fourth annual deficit in 2026; that year’s balance is not yet observed
South Africa Mine Constraints
South African mine production is an important supply exposure; recycling also affects the overall balance
Hydrogen Economy Demand
Platinum is a key catalyst in PEM electrolysers and hydrogen fuel cells for clean energy
Relative price versus gold
A discount to gold is a comparison, not proof that platinum is undervalued; the metals have different demand drivers
Learn more about platinum, its key applications, and long-term investment potential in our guide to investing in platinum.
Platinum price context and outlook
Platinum has spent extended periods trading below gold. The discount alone does not settle its value: automotive, industrial, jewellery and investment demand have different effects on the two metals. For a physical buyer, the entry premium and eventual resale price also matter.
The 2025 supply squeeze remains relevant. In its 18 May 2026 quarterly report, WPIC revised the 2025 deficit to 1.191 million ounces. That is an updated estimate of a completed year, rather than a forecast of the next price move.
On the demand side, the picture is nuanced. WPIC’s Q1-based 2026 forecast expects industrial consumption to rise 9%, while automotive and jewellery demand decline 2% and 12%. Hydrogen applications remain a longer-term theme whose pace of adoption needs to be tested.
Looking ahead, WPIC’s May assessment forecasts a 297,000-ounce deficit in 2026 and year-end above-ground stocks of 1.747 million ounces, below three months of demand. These estimates can change with consumption, recycling and investment flows. The platinum investment guide explores what would strengthen or weaken the case.
From interest to ownership
Know what you own.
Know what it costs.
A good investment case is only the start. The purchase documents, custody arrangement and route to resale matter just as much.
Choose the form
Compare the metal, bar or coin size, purity and premium. A smaller unit may be easier to sell in part, while its premium per ounce may be higher.
Check the ownership
Ask whether you own identified metal or hold a claim on a provider. Review custody records, insurance terms and the process for withdrawing or transferring it.
Price the whole journey
Compare the purchase premium, ongoing charges and a realistic resale quote. Ask about minimum fees, tax, currency conversion and delivery before committing.
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