Platinum Price

Gold Buyers / Platinum Price

Platinum Price Today

The price of platinum is volatile, as evidenced by the fact that Gold Buyers USA’s live spot platinum prices & charts are updated each minute throughout trading hours to reflect the most recent shifts in the market. The price of platinum is mentioned in three different forms: the price per gram, the price per ounce, and the price per kilogram. Check out the interactive chart to get a glimpse of the past ten years’ worth of price data for platinum.

Price Of Platinum

Bid / Ask$954$964
Low / High$953$982

(Updated Jul 22, 2024)

What is Platinum?

Platinum, like gold, silver, as well as palladium, has the elemental symbol Pt with atomic number 78 on the periodic table. Platinum was first mentioned in 1557, when it was referred to as “unmeltable” and referred to as platina, which translates to “small silver.” As platinum coins are frequently advised as a vital part of portfolio diversification, platinum investing now provides a distinct choice within the precious metals market.

What Is The Platinum Spot Price? Platinum Price Per Ounce

The platinum spot price is an ever-changing price that is used to indicate the current value of platinum bullion on the open market at any particular time. This is the value of one unit of platinum on the wholesale market, before any premiums are added.

When determining the price of their platinum products, manufacturers, mints, and dealers all refer to the spot price as their benchmark. Currently as of (Jul 22, 2024) the platinum price per ounce is $954. Here at Gold Buyers USA we are dedicated to keep you updated with the platinum spot price and platinum price per ounce.

How Do You Calculate The Platinum Spot Price?

The platinum market’s supply and demand is reflected in the spot price of the metal, which changes daily. It is affected not only by the overall demand level for platinum but also by the amount of the metal that is currently available for purchase.

Although a shift in demand or availability can be caused by a variety of different factors, the buying and selling of platinum contracts somewhat on futures market is arguably the one factor that has the most impact on the current price of platinum.

How To Invest In Platinum? 

On the international commodity markets, platinum is traded around the clock, just like both silver and gold are. It is significantly rarer than gold, which is the primary reason why it typically tends to fetch a greater price than gold during normal periods of economic and political stability. For example, the price per troy ounce. The amount of metal that is actually extracted from the ground each year is much lower.

Platinum, much like silver, is a metal that is commonly used in industrial applications. The production of vehicle catalysts, which are utilized to lessen the severity of emissions, is the sector that places the highest demand for platinum. Following this, the most important category is jewelry in terms of demand. The remainder is utilized in the production of petroleum as well as chemical refining catalysts, in addition to the computer sector.

The demand and supply equation, in addition to the geopolitical climate in the nations where platinum mining occurs, are two major factors that have a significant impact on the price of platinum. In this regard, pricing have been set, for the most part, by the total number of automobiles sold and produced. During the COVID-19 epidemic, there was a decrease in car production, which resulted to a reduction in demand for autocatalysts. This caused prices to fall.

During the first three months of 2021, there was a 5 percent decrease in supplies while there was a 21 percent growth in demand. This could lead to the upward tick there in price of the metal. Demand rose once again in 2022, but by a more modest amount of 2 percent.

It is important to keep in mind, however, that the growing popularity of zero-emission vehicles may put upward pressure on prices. Investors should keep in mind all of these variables contribute to platinum’s status as the precious metal with the highest degree of volatility.

Platinum Historical Price Increases

Platinum’s all-time high price per troy ounce was $2,270. 2008 March. The platinum price spikes shown below are a few of the most spectacular in recent years.

  • During October 2006- March 2008, the price of gold went from $1053 per ounce to $2276 per ounce.
  • From $752 per ounce in October 2008 to $1759 per ounce in April 2010, a 133% increase.
  • From May 2010-August 2011, the price of gold went from $1446 per ounce to $1918 per ounce.
  • From $1347 to $1739 per ounce between December 2011 and February 2012, an increase of 29%
  • From July 2012-February 2013, gold prices increased by 26%, from $1378 per ounce to $1744 per ounce.
  • From $1295 per ounce in June 2013 to $1558 per ounce in August 2013, a 20% increase.
  • From December 2013-July 2014, gold prices rose by 16 percent, from $1311 per ounce to $1523 per ounce.
  • From January to August 2016, gold prices increased by 47 percent, from $811 per ounce to $1199 per ounce.

Should I Invest In Platinum?

Platinum is a unique opportunity to invest that has a number of advantages that should be taken into account. Investors seeking to enter the platinum market might take advantage of the precious metal’s low price as a low-risk entry point. Platinum has a minimal association with the performance of asset classes and does well during economic recovery periods. Platinum is a wise investment because of its extensive use in emerging innovations and the creation of future technologies, as well as the growth in demand.

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