How is the platinum price determined?
Platinum is traded mainly over the counter in London and Zurich and on futures exchanges. The LBMA Platinum Price is set twice a day as a benchmark.
Platinum is much rarer than gold. Most of the world's production comes from a few countries, above all South Africa, so supply disruptions such as strikes or power shortages can move the price quickly.
What moves the platinum price?
The largest source of demand is the car industry, which uses platinum in catalytic converters. Platinum is also used in jewellery, the chemical and glass industries and increasingly in fuel cells and hydrogen technology.
As an investment metal, platinum also reacts to interest rates, inflation and the US dollar. Because the market is small, the price often fluctuates more than gold.
Platinum price per gram, ounce and kilogram
One troy ounce equals 31.1035 grams. The table above converts the current platinum price into grams, ounces and kilograms.
Platinum jewellery usually has a high fineness, often 950 platinum with 95% pure platinum. The fineness table shows the material value per gram.
Platinum as part of a portfolio
Many investors use platinum alongside gold and silver to diversify their precious metal holdings. With Spargold you can buy all three metals in one app and set up a savings plan for each.
