Quick answer
Those are wholesale spot prices for pure metal, quoted the same way gold is quoted on trading floors. Unlike our gold and silver pages (refreshed every trading day), platinum and palladium here refresh twice weekly, on Monday and Thursday. We are transparent about that cadence because both metals move less on retail volume than gold, and burning our data budget on hourly platinum ticks would not change what a jeweler or bullion desk would quote you today. The sections below explain why platinum trades below gold, where retail buyers actually meet these metals, and how palladium fits into the picture.
Today’s platinum and palladium reference prices
Both metals trade in troy ounces on global wholesale markets. Every other unit is that same ounce number, divided by a fixed conversion. The metal does not change across units; only the amount you are pricing does.
- Platinum, per troy ounce (31.1035 g): $1,807.45. The unit used by NYMEX platinum futures and the London Platinum and Palladium Market (LPPM) fixing.
- Palladium, per troy ounce (31.1035 g): $1,393.71. Traded on NYMEX and fixed twice daily by the LPPM.
- Reference gold ounce, for context: $4,413.45. Shown here so the platinum-to-gold gap is easy to read directly.
For a comparable page on gold and silver spot pricing (refreshed each trading day), see gold price today. For the how-to side, our practical buyer’s walkthrough lives at how to buy platinum and palladium.
Why we refresh platinum and palladium only twice weekly
Honesty first: our institutional data feed pulls gold and silver every trading day and pulls platinum and palladium on Mondays and Thursdays. That cadence is a deliberate choice, not a technical limit. Platinum and palladium retail markets in the United States move much smaller physical volume than gold and silver, and intraday price swings are unlikely to change what a jeweler, refiner, or bullion desk would actually offer you within any given week. Refreshing twice weekly keeps the reference here well within the day’s realistic price band for physical transactions, and it keeps our data budget focused on the metals most readers actually buy and sell.
If you need a live intraday quote (for example, before a large industrial order or a comparable trade), rely on your dealer’s live board or on the CME Group platinum and palladium futures pages. For consumer-scale decisions, the twice-weekly reference above is more than accurate enough.
Why platinum trades below gold today
Platinum has traded at a discount to gold on annual averages since 2015. That fact routinely surprises jewelry owners and credit-card holders who still associate “platinum tier” with something above gold. The reasons are structural and sourced.
Diesel demand collapse
Platinum’s largest single end-use for decades was catalytic converters, particularly in European diesel passenger cars. Diesel’s share of new car sales in Europe rose above 55 percent by 2011, according to the European Automobile Manufacturers’ Association (ACEA registration data). It then fell to under 30 percent by the early 2020s, accelerated by the September 2015 US Environmental Protection Agency Notice of Violation against Volkswagen AG (EPA enforcement record). That structural loss of automotive demand removed platinum’s largest industrial price support.
No monetary demand floor
Gold’s price benefits from a demand source platinum simply does not have: central bank reserve buying. The International Monetary Fund’s Articles of Agreement recognize gold in the context of international reserve assets. The World Gold Council reports that central banks added over 1,000 metric tonnes of gold to official reserves in each of 2022 and 2023. No central bank holds platinum as a reserve asset at any comparable scale. Platinum is priced almost entirely by industrial supply and demand, plus smaller investment flows through ETFs and futures.
South African supply is discounted, not feared
According to US Geological Survey Mineral Commodity Summaries, South Africa produces roughly 70 to 75 percent of the world’s mined platinum. Historical disruptions (the 2012 Marikana events, the five-month 2014 miner strike) did move prices during the disruption itself, then the pattern reset. Markets have learned to treat South African supply risk as a known variable rather than a persistent price driver.
For the full historical arc, dated figures, and the crossover math, see our companion piece: why platinum trades below gold, a price history. Past performance is not a guarantee of future results.
Where retail buyers actually meet platinum
Most Americans encounter physical platinum through one of three channels. Each one prices the metal differently, and knowing which channel you are in explains why the “spot price” and the number you see on a receipt can look so different.
Jewelry (PT950, PT900)
US jewelry stamped 950 is 95 percent pure platinum; 900 is 90 percent. Because platinum is denser and harder to work than gold, retail platinum settings can cost as much or more than comparable gold pieces even when the raw metal content is worth less. Melt value of a PT950 ring = weight in troy ounces × today’s spot × 0.95.
Bullion coins and bars
The one-ounce American Platinum Eagle (US Mint) and the one-ounce Canadian Platinum Maple Leaf (Royal Canadian Mint) are the two most liquid retail products in the US. Premiums over spot typically run higher than for gold Eagles because retail platinum volume is thinner, so per-coin overhead is a bigger share of price.
Catalytic converters (scrap)
Catalytic converters from gasoline and diesel vehicles contain small amounts of platinum, palladium, and rhodium. Scrap yards pay by verified PGM assay, not by spot. Cash-for-converter offers with no assay documentation are a known theft-fencing red flag; check state law before selling a converter that is not from your own vehicle.
When you buy physical platinum
Every physical product costs more than spot. On one-ounce sovereign platinum coins (American Eagle, Canadian Maple Leaf), premiums over spot are commonly higher than the 3 to 8 percent typical of one-ounce gold sovereigns, because retail platinum volume is thinner and per-coin mint and dealer overhead is a larger share of price. Fractional coins carry proportionally larger premiums. Generic private-mint one-ounce platinum bars usually carry the smallest premiums, because branding matters less to institutional and industrial buyers.
When you sell physical platinum
Every buyer pays less than spot. Scrap platinum jewelry payouts at retail buyers commonly land at 70 to 90 percent of melt, with direct-to-refiner services paying closer to the high end for larger lots. Investment-grade one-ounce coins in original packaging usually recover much closer to spot, often within 2 to 5 percent at reputable bullion dealers. Any offer below 60 percent of melt is a red flag; walk.
Palladium: platinum’s sibling, priced by a different market
Palladium is the preferred catalyst for gasoline engine catalytic converters. As diesel fell in Europe, gasoline held steady or grew in the US, China, and emerging markets. Palladium demand from automakers rose alongside tighter emissions standards. According to CME Group NYMEX historical settlement data, palladium rose from roughly $500 per ounce in 2016 to a peak near $3,326 per ounce in March 2022, surpassing platinum in 2018 and gold in 2019, then fell sharply as palladium-to-platinum catalyst substitution began and supply uncertainty from Russia weighed on demand assumptions.
The palladium price today ($1,393.71 per troy ounce) reflects that reset. Palladium bullion products exist for retail buyers, but the market is thinner than platinum, premiums are wider, and buyback liquidity is lower. For most individual buyers, palladium is more relevant as a market to observe than as a metal to hold physically. Past performance is not a guarantee of future results, and nothing on this page is a prediction of future prices.
Approximate metal content value of common platinum jewelry pieces
Uses today’s platinum reference of $1,807.45 per troy ounce. Numbers are melt value estimates only; actual dealer offers are the melt calculation multiplied by the buyer’s payout percentage (typically 70 to 90 percent at retail buyers). A troy ounce is 31.1035 grams; a pennyweight is 1.5552 grams.
| Piece | Typical weight | Purity | How to compute melt |
|---|---|---|---|
| Slim PT950 wedding band | 4 to 7 grams | 0.95 | (grams ÷ 31.1035) × $1,807.45 × 0.95 |
| Solitaire PT950 engagement ring (setting only) | 3 to 6 grams | 0.95 | (grams ÷ 31.1035) × $1,807.45 × 0.95 |
| PT950 chain necklace | 10 to 30 grams | 0.95 | (grams ÷ 31.1035) × $1,807.45 × 0.95 |
| PT900 vintage brooch | 5 to 15 grams | 0.90 | (grams ÷ 31.1035) × $1,807.45 × 0.90 |
| One-ounce American Platinum Eagle | 31.1035 grams | 0.9995 | $1,807.45 × 0.9995 (bullion coin) |
Retail purchase prices bundle metal content with labor, craftsmanship, brand, and margin. Scrap or resale is where the raw metal calculation above matters most.
See what your platinum piece is actually worth today, from real buyers
Knowing today’s reference price is one number. Knowing what a US buyer will actually pay for your specific platinum ring, chain, or bullion coin, at today’s spot, is a different number. It is the only one that matters at the counter. Post one free request on our seller platform: describe the item (weight, purity, condition), and up to 15 verified US buyers submit sealed offers you review side by side. No obligation, no walking into three shops, no giving up your piece to be “evaluated.” Start on the sell page, or browse the full marketplace to see how sealed-offer bidding works before you post.
Buying strategy: how to sanity-check any platinum offer
Before you accept a buy or sell price on platinum, run three quick checks against today’s reference.
- Confirm the unit. Platinum is priced by the troy ounce, never by the standard (avoirdupois) ounce. A troy ounce is 31.1035 grams; a standard ounce is 28.3495 grams. Never let a shop weigh you on a food-scale ounce.
- Match the purity. PT950 is 95 percent pure; PT900 is 90 percent. Bullion coins are typically 99.95 percent. Divide the melt calculation by the correct fraction before comparing offers.
- Compare against multiple buyers. A single dealer’s number is a data point, not the market. Two or three quotes for the same piece, or a sealed-bid process, is how you find the actual market bid.
For the full buyer playbook (including how to identify PT950 vs white gold vs silver, and what to expect at pawn counters versus refiners), see how to buy platinum and palladium and our companion piece on how to buy gold jewelry without overpaying (the same premium-versus-melt logic applies).
Frequently asked questions
Why does this page refresh platinum and palladium only twice a week?
Because it matches how the retail market actually behaves. Physical platinum and palladium move much smaller consumer volume in the United States than gold and silver. Intraday price ticks rarely change what a jeweler or bullion desk would quote you within a given week, so refreshing every trading day would consume data budget without improving accuracy for readers making real transactions. The Monday and Thursday cadence keeps our reference well inside the price band a dealer would honor.
Is there one official platinum price?
The closest institutional reference is the LPPM Platinum Price, published twice daily at 09:45 and 14:00 London time by the London Platinum and Palladium Market. Continuous market pricing between fixings comes from NYMEX platinum futures traded on the CME Group. Every reputable spot display, including this page, tracks a blend of those signals.
How is the price shown here different from what I would pay for a Platinum Eagle?
The price on this page is the wholesale spot for pure platinum. A physical Platinum Eagle costs spot plus a premium that covers minting, distribution, dealer margin, and insurance. Premiums on one-ounce sovereign platinum coins are typically wider than on one-ounce gold sovereigns because retail platinum volume is thinner. Compare total per-ounce price (spot plus premium) across dealers, not just the headline coin price.
Why do pawn shops offer so much less than the price shown here for platinum jewelry?
The shop has to cover assaying, refining, insurance, and its own profit before it can resell the metal at wholesale. Typical scrap platinum payouts land at 70 to 90 percent of melt at retail buyers, and can reach the high end at direct-to-refiner services on larger lots. An offer below 60 percent of melt is a red flag; walk.
Why is my platinum ring worth less per gram than an 18K gold ring?
At current spot prices, gold trades well above platinum on a per-ounce basis. A PT950 ring is 95 percent pure platinum by weight; an 18K gold ring is 75 percent pure gold. Multiply each by the current spot per gram and 18K gold usually wins on melt value per gram today. The prestige positioning of platinum in credit cards and loyalty programs reflects a historical price hierarchy that no longer matches current spot.
Should I buy platinum today or wait for a lower price?
No one can accurately predict short-term platinum prices, and no reputable source (SEC, FINRA, CFTC) endorses timing physical metal purchases based on daily moves. If your reason for owning platinum is a long-term diversification thesis, the entry price in any single week is a small factor next to the retail premium you will pay to acquire the metal. Consult a licensed financial advisor before making investment decisions in precious metals.
Is a troy ounce the same as a regular ounce?
No. A troy ounce is 31.1035 grams; a standard (avoirdupois) ounce is 28.3495 grams. Platinum, palladium, gold, and silver are always priced in troy ounces. A “platinum ounce” is about 10 percent heavier than a food-scale ounce.
Can I hold platinum in a retirement account?
The Internal Revenue Code section 408(m)(3) allows certain platinum coins and bars to be held inside a self-directed IRA when they meet specific fineness standards (99.95 percent pure) and are held by an approved trustee. For the eligibility rules, custodian requirements, and how the account structure actually works, our platinum IRA reference is the place to start. For your specific tax situation, consult your tax advisor.
Sources and methodology
The platinum and palladium prices shown at the top of this page are refreshed on Mondays and Thursdays from an institutional precious-metals data feed. Unit conversions use the exact troy ounce (31.1034768 g) definition maintained by the US National Institute of Standards and Technology. Every historical figure cited is drawn from LPPM, LBMA, ACEA, USGS, EPA, or CME Group primary sources. We do not forecast future prices, and past performance is not indicative of future results.
- London Platinum and Palladium Market (LPPM), platinum and palladium price fixings and methodology: lppm.com/prices.aspx
- CME Group, NYMEX platinum futures contract specifications and settlement data: cmegroup.com (platinum)
- CME Group, NYMEX palladium futures contract specifications and settlement data: cmegroup.com (palladium)
- US Geological Survey, Mineral Commodity Summaries: Platinum-Group Metals: pubs.usgs.gov (PGM 2024)
- US Environmental Protection Agency, Volkswagen Clean Air Act Violations record: epa.gov/vw
- European Automobile Manufacturers’ Association (ACEA), diesel share in new passenger car registrations: acea.auto
- World Gold Council, Gold Reserves by Country: gold.org/goldhub
- US National Institute of Standards and Technology, Handbook 44 (weight and measure definitions): nist.gov/pml/owm
- United States Mint, American Platinum Eagle Bullion Coin Program (weight and purity specifications): usmint.gov/american-eagle
- US Securities and Exchange Commission, Investor Bulletin on Investing in Gold and precious metals: investor.gov (investor bulletins)