No current platinum price is displayed here. This static guide helps you use a dated quote from a source you select. Keep the source, currency, unit, timestamp and price type with every calculation. Start with the static price-source directory.
What is the platinum price?
There is no context-free platinum price. Wholesale markets, futures exchanges, dealers, refiners and recyclers quote different instruments and transactions. A headline value often uses currency per troy ounce, but its exact meaning depends on the source.
| Label | What it may describe | What to verify |
|---|---|---|
| Bid | A price at which a participant is willing to buy | Size, market, timestamp and eligibility |
| Ask or offer | A price at which a participant is willing to sell | Spread, size and whether fees are included |
| Spot or indicative | A near-current market reference assembled under a source's method | Method, delay, side of market and source rights |
| Benchmark | A price determined under stated rules at a particular time | Administrator, timestamp and permitted use |
| Futures | A standardized contract for a stated delivery month | Exchange, contract month, settlement and unit |
Platinum price conversion formulas
Precious-metal quotations use the troy system. Let P be a price per troy ounce:
| Wanted unit | Formula | Mass relationship |
|---|---|---|
| Per gram | P ÷ 31.1034768 | 1 troy oz = 31.1034768 g |
| Per kilogram | P × 32.1507466 | 1 kg is about 32.1507466 troy oz |
| Per pennyweight | P ÷ 20 | 20 dwt = 1 troy oz |
| Per grain | P ÷ 480 | 480 grains = 1 troy oz |
| Per ordinary ounce | P × 0.9114583333 | 1 ordinary oz = 28.349523125 g |
To convert a price per gram back to a price per troy ounce, multiply by 31.1034768. Rounding should be postponed until the final displayed value.
Troy ounce and ordinary ounce are not interchangeable. A troy ounce is about 9.7% heavier. Jewelry kitchen scales commonly show ordinary ounces unless explicitly set to troy ounces; grams avoid this ambiguity.
Hypothetical platinum conversion
If a historical or hypothetical platinum reference were $1,000 per troy ounce, it would equal about $32.15 per gram and $32,150.75 per kilogram. This is an arithmetic example, not a statement of the current market.
Why physical platinum costs more or sells for less
A dealer's retail price for a bar or coin may include fabrication, assay, brand, distribution, inventory finance, shipping and margin. A dealer's buyback price can be below the same market reference because the dealer must authenticate, hold and resell the item. Small platinum products may have relatively wide percentage spreads because fixed handling costs are divided across less metal.
For jewelry or scrap, a buyer may also account for:
- uncertain fineness or mixed alloy composition;
- stones, findings and other non-platinum weight;
- testing, melting, sampling and refining;
- minimum charges, logistics and settlement delay;
- market movement between purchase and recovery.
What moves platinum prices?
Platinum pricing reflects a smaller and differently structured market than gold. Important influences include vehicle catalyst and other industrial demand, jewelry fabrication, investment demand, mine output, recycled supply, inventories, exchange rates and the economics of substitution among platinum-group metals.
A single news story rarely explains an entire move. Price can respond to both expected future conditions and immediate availability, while futures months may move by different amounts.
How to calculate the platinum-to-gold ratio
Platinum-to-gold ratio = platinum price per troy oz ÷ gold price per troy ozBoth prices must use the same currency, comparable timestamp and comparable quote type. A ratio above 1 means platinum is priced higher per troy ounce in that comparison; below 1 means lower. The ratio is descriptive, not a prediction or proof that either metal is cheap.
Checklist for comparing platinum quotes
- Match currency and troy-ounce unit.
- Match bid with bid, ask with ask, or use a clearly labeled midpoint.
- Use the same timestamp and timezone.
- Identify cash, benchmark or futures contract month.
- Check whether the source is delayed.
- For physical products, add or subtract stated premiums, fees and delivery costs.
- For scrap, confirm payable purity and net weight after nonmetal deductions.
Platinum price questions
Is platinum always more expensive than gold?
No. Their relative prices change. Different supply, demand, inventory and investment conditions can place either metal above the other at a given time.
What is platinum worth per gram?
Divide a comparable price per troy ounce by 31.1034768. For an alloy, multiply the resulting price per gram by the item's platinum fraction and net metal weight.
Does 950 platinum mean 95% pure?
As a fineness calculation, yes: 950 parts per thousand is 95%. A mark alone does not authenticate an item, and the rest of an alloy may affect testing and refining.
Can a catalytic converter be valued from platinum spot price?
Not from gross weight alone. Converter value depends on recoverable platinum, palladium and rhodium established through specialist identification, sampling or assay, along with refining and settlement terms.