What moves the platinum price
Catalytic converters, especially on diesel engines, use more platinum than any other product. When diesel car sales slow, platinum demand slows with them.
Supply is concentrated. Most mined platinum comes from South Africa, so power shortages, strikes or mine problems there can move the price fast.
Jewelry demand is strongest in China and Japan, and investors buy bars and coins when platinum looks cheap next to gold. Hydrogen fuel cells and some electrolyzers also use platinum, which gives the metal a buyer outside the car business.
The LBMA Platinum Price is set twice each business day, at 09:45 and 14:00 London time. Read how the spot price works for the difference between the benchmark and the live quote.
Common questions
- Is platinum rarer than gold?
- Yes. Mines produce far less platinum than gold each year, and most of it comes from one country, South Africa. Rarity alone doesn't set the price, though. Demand from carmakers and other industries matters more.
- Why does platinum sometimes cost less than gold?
- Gold's price rests mostly on investment and central bank demand. Platinum depends on industrial buyers, so when car sales or diesel demand weaken, platinum can fall while gold rises.
- How is platinum jewelry valued?
- Platinum jewelry is usually 90% or 95% pure, stamped 900 Plat or 950 Plat. Pick the matching purity in the calculator and enter the weight.