Platinum Price Today

The platinum spot price is the current market price for immediate delivery of one troy ounce of platinum. Platinum is far scarcer than gold by annual output: mines produce roughly 190 metric tons of platinum per year compared to over 3,000 metric tons of gold, less than a tenth as much. Despite this extraordinary scarcity, platinum trades at a significant discount to gold. Platinum more than doubled during a record-breaking surge in 2025 and 2026 and reached an all-time high, yet it still trades well below gold per ounce, a discount rooted in years of reduced diesel vehicle demand and weaker investment flows relative to gold.

Automotive catalytic converters are the largest source of platinum demand, particularly in diesel vehicles where platinum is the preferred catalyst for reducing nitrogen oxide and particulate emissions. About 40% of annual platinum consumption goes into autocatalysts. The jewelry sector accounts for roughly a quarter of demand, with Japan and China serving as the two largest platinum jewelry markets worldwide.

The hydrogen fuel cell economy is platinum's most promising growth area. Platinum serves as a critical catalyst in proton exchange membrane (PEM) electrolyzers used to produce green hydrogen and in fuel cells that power hydrogen vehicles. Government investment in hydrogen infrastructure is creating an emerging demand source that will reshape platinum's consumption profile over the coming decade.

Approximately 70% of global platinum supply comes from South Africa's Bushveld Igneous Complex, creating significant supply concentration risk. The LBMA Platinum Price, set twice daily (9:45 AM and 2:00 PM London time) in auctions independently administered by ICE Benchmark Administration, is the benchmark used by producers, refiners, and consumers worldwide.

NYMEX platinum futures and physically backed ETFs provide additional avenues for price discovery and investment exposure.