The current market price for one troy ounce of .999 fine platinum in US dollars, sourced from global exchanges and refreshed every 60 seconds.
Platinum is traded globally on the NYMEX (New York Mercantile Exchange) and the LPPM (London Platinum and Palladium Market). The LPPM conducts two daily fixings — at 9:45 AM and 2:00 PM London time — which serve as the benchmark settlement prices used by refiners, manufacturers, and dealers worldwide. MetalMetric's platinum price is sourced from these exchange feeds and updated every 60 seconds.
Unlike gold, which is primarily a monetary metal, platinum's price is heavily influenced by industrial demand. Approximately 40% of annual platinum consumption goes into automotive catalytic converters (primarily for diesel engines), with additional demand from chemical processing, petroleum refining, electronics, and glass manufacturing. Jewelry accounts for roughly 25% of demand, concentrated in China and Japan.
Roughly 70% of the world's platinum is mined in South Africa, primarily from the Bushveld Igneous Complex — the largest known PGM deposit on Earth. This extreme geographic concentration makes platinum uniquely sensitive to South African mining disruptions. The 2014 AMCU strike shut down three major mines for five months and removed over 1.2 million ounces from supply. Ongoing Eskom load-shedding (rolling blackouts) continues to constrain production, as underground platinum mines are heavily electricity-dependent for ventilation and hoisting.
Russia is the second-largest producer (~11% of global supply), followed by Zimbabwe (~8%). The World Platinum Investment Council (WPIC) has reported consecutive annual supply deficits since 2023, driven by flat mine production against growing industrial and investment demand.
For most of the 20th century, platinum traded at a significant premium to gold — typically 1.5× to 2× the gold price. This relationship inverted in September 2014 and has remained inverted since, representing the longest platinum discount to gold in modern history. The Volkswagen diesel emissions scandal (September 2015) accelerated the divergence by crushing global diesel vehicle demand. As of 2026, platinum trades at roughly 40–55% of the gold price — a historically extreme discount that some investors view as a mean-reversion opportunity.
Proton exchange membrane (PEM) fuel cells used in hydrogen vehicles require 30–60 grams of platinum per vehicle — significantly more than the 3–7 grams used in a typical catalytic converter. If hydrogen fuel cell vehicles achieve meaningful market penetration, platinum demand could increase substantially. Companies including Toyota, Hyundai, and several heavy truck manufacturers are actively developing hydrogen powertrains, and government hydrogen strategies in the EU, Japan, South Korea, and China include significant infrastructure investment targets.