Platinum is commonly quoted per troy ounce. A market quotation describes a particular pricing basis; it is not automatically the amount a dealer will charge for a bar or pay for jewelry, scrap or industrial material.
What is platinum?
Platinum, chemical symbol Pt, is one of the platinum-group metals. Its resistance to corrosion, catalytic behavior and high-temperature performance support uses in vehicle emissions control, chemical and petroleum processing, glass manufacture, electrical applications, laboratory equipment and jewelry.
Those uses create several overlapping markets. Investment bars and coins are readily described by weight and fineness. Jewelry value can include design, brand, condition and gemstones. Industrial residues may require specialist sampling, assay and refining before their platinum content is known.
What a platinum price means
Platinum market coverage often states a currency per troy ounce. The number may be a bid, ask, midpoint, benchmark, futures settlement or delayed indicative quote. Before comparing sources, match the currency, unit, timestamp and quote type.
The core precious-metal unit relationships are:
- 1 troy ounce = 31.1034768 grams;
- 1 kilogram = about 32.1507466 troy ounces;
- 1 ordinary avoirdupois ounce = 28.349523125 grams;
- 1 troy ounce = 20 pennyweights = 480 grains.
Read the platinum price and unit guide.
Platinum purity and fineness marks
Fineness expresses pure platinum in parts per thousand by mass. For example, 950 fineness represents 950 parts platinum in 1,000 parts alloy, or 95%. Marks must be read in their legal and physical context: permitted standards, accompanying symbols and hallmarking rules vary by jurisdiction.
| Fineness | Platinum percentage | Interpretation |
|---|---|---|
| 999.5 | 99.95% | High-fineness platinum, often associated with investment products |
| 950 | 95% | A widely encountered platinum jewelry fineness |
| 900 | 90% | A platinum alloy fineness found in some products and jurisdictions |
| 850 | 85% | A recognized jewelry fineness in some hallmarking systems |
A number stamped on an object is evidence to investigate, not proof of identity or purity by itself. Counterfeit, altered, plated or misleadingly marked objects exist. Valuable material may require professional testing.
How platinum value is calculated
For a simple contained-metal estimate, exclude known nonmetal weight where possible and apply the platinum fineness to the remaining alloy weight:
Fine platinum grams = item grams × (fineness ÷ 1,000) Benchmark value = fine platinum grams ÷ 31.1034768 × price per troy ozA transaction estimate can then apply a payout percentage. That modeled percentage may represent refining, testing, hedging, handling and margin, but it is not a universal industry rate.
Use the platinum value calculator
How platinum form changes value
| Form | Important evidence | Possible value difference |
|---|---|---|
| Bullion bar or coin | Weight, fineness, producer, authenticity and condition | May trade with a premium or dealer spread |
| Jewelry | Net metal weight, hallmark, testing, maker, design and stones | Resale value can be above or below a melt estimate |
| Laboratory ware | Alloy specification, contamination, ownership and assay | Cleaning and refining terms can be material |
| Catalyst or industrial residue | Representative sample, assay, lot accounting and settlement terms | Gross weight alone cannot reveal platinum content |
What influences platinum prices?
- Vehicle and industrial demand: catalyst demand and industrial production can materially change consumption.
- Mine and recycling supply: production is geographically concentrated, while recovered vehicle catalysts and jewelry contribute secondary supply.
- Substitution: technical and economic choices among platinum-group metals can shift demand, though substitution is not always immediate.
- Jewelry and investment: consumer buying, bar and coin demand, and investment flows add other sources of demand.
- Currency, rates and inventories: macroeconomic conditions and available stocks affect pricing and financing.
Before selling platinum
- Identify the item and retain certificates, packaging, receipts and provenance.
- Separate nonmetal components and gemstones only through a qualified process.
- Record gross and estimated net metal weights with the unit.
- Ask how purity will be tested and whether the result is surface or bulk analysis.
- Request an itemized quote showing price basis, payable content, deductions and settlement timing.
- Consider collectible or jewelry resale value before accepting a melt-only offer.
Industrial platinum needs specialist valuation
A catalytic converter or process residue cannot be valued by multiplying its total weight by a platinum quote. Platinum may be present only in a small coating or mixed with palladium, rhodium and contaminants. Use an authorized specialist with documented sampling, assay and settlement procedures. Do not attempt chemical recovery.
Learn the market's history
Platinum became a modern traded metal through advances in identification, refining, standardization and industrial use. Our cited overview places platinum alongside gold, silver and palladium in the development of precious-metal markets.