Platinum Price Today (XPT/USD)
Live spot price · Historical charts · Inflation-adjusted price · Autocatalyst & Hydrogen demand · Physical buy calculator
Platinum's all-time high of $2,308/oz (March 2008) equals approximately $3,400 in 2026 dollars. At current prices (~$980), platinum trades at a significant discount to its inflation-adjusted ATH – a key argument for the platinum investment thesis.
Platinum historically shows strength in January–March (auto industry restocking) and October. Summer months (June–August) tend to be weaker due to reduced industrial activity. Source: WPIC historical data 2000–2025.
| Sector | Demand (koz) | Share | Trend | Visual | |
|---|---|---|---|---|---|
| 🚗 | Autocatalysts (Gasoline) | 1,050 | 28% | → Stable | |
| 🚌 | Autocatalysts (Diesel) | 870 | 23% | ↓ Declining | |
| 💎 | Jewellery (Japan, China) | 560 | 15% | → Stable | |
| 🔬 | Chemical Industry (catalysts) | 450 | 12% | ↑ Growing | |
| ⚡ | Hydrogen Fuel Cells | 180 | 5% | ↑↑ Fast Growing | |
| 🖥️ | Electronics & Glass | 260 | 7% | ↑ Growing | |
| 💊 | Medical (cisplatin, devices) | 120 | 3% | ↑ Growing | |
| 📦 | Investment (ETF + bars) | 260 | 7% | ↑ Growing |
Source: World Platinum Investment Council (WPIC) Platinum Quarterly Q4 2025. Total demand ~3,750 koz.
Platinum supply is uniquely concentrated – over 70% comes from a single country. This geographic concentration creates a significant geopolitical risk premium.
Source: World Platinum Investment Council (WPIC), 2025. Total mine supply ~5,500 koz.
Source: WPIC, fund prospectuses. Holdings as of Q4 2025 estimates.
Projected platinum demand from hydrogen fuel cells and electrolysers (koz/year). Source: WPIC, BloombergNEF, IEA Hydrogen Report 2025.
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Platinum Price Today – Everything You Need to Know
Numexo.io provides the platinum price today in real time, sourced from Yahoo Finance (NYMEX Platinum Futures, PL=F) and updated every 5 minutes. The platinum spot price (XPT/USD) is the benchmark price for one troy ounce of 99.95% pure platinum for immediate delivery, as traded on the global over-the-counter (OTC) market and major exchanges including NYMEX (New York) and the London Platinum and Palladium Market (LPPM).
Platinum Price History & All-Time Highs
Platinum's all-time high of $2,308/oz was reached in March 2008, driven by a perfect storm of surging autocatalyst demand, South African power outages that crippled mine supply, and strong investment flows. In inflation-adjusted terms, this equals approximately $3,400 in 2026 dollars. Platinum regularly traded above gold from the 1970s through 2014. Since 2015, gold has traded above platinum – a historical anomaly driven by the diesel emissions scandal and the shift away from diesel vehicles in Europe. In 2025–2026, platinum has been trading in the $880–$1,100 range, with growing optimism around hydrogen fuel cell demand.
Platinum as an Industrial Metal
Unlike gold, which is primarily a monetary and investment metal, approximately 80% of platinum demand comes from industrial applications. The dominant use is autocatalysts: platinum is the primary catalyst in gasoline vehicle catalytic converters, reducing carbon monoxide, hydrocarbons and nitrogen oxides. Despite the rise of electric vehicles, the global combustion engine fleet continues to grow in emerging markets, sustaining autocatalyst demand. The chemical industry uses platinum as a catalyst in the production of nitric acid (fertilisers), silicones, and petroleum refining. The glass industry uses platinum crucibles and bushings in the production of LCD glass and fibre optic cables.
Platinum & the Hydrogen Economy
The most significant long-term demand driver for platinum is the emerging hydrogen economy. Platinum is the primary catalyst in Proton Exchange Membrane (PEM) fuel cells, which convert hydrogen into electricity for vehicles, stationary power and industrial applications. Each fuel cell stack requires 30–60 grams of platinum. PEM electrolysers – used to produce green hydrogen from renewable electricity – also require platinum group metals. The World Platinum Investment Council (WPIC) projects that hydrogen-related platinum demand could reach 500,000–1,000,000 troy ounces per year by 2030, representing a transformational new demand source that could fundamentally alter the platinum supply-demand balance.
South Africa's Dominance – The Supply Risk Premium
Over 73% of global platinum mine supply originates from South Africa, primarily from the Bushveld Igneous Complex – the world's largest known platinum group metals deposit. This extreme geographic concentration creates a significant geopolitical risk premium. South African platinum mining is subject to power supply constraints (load shedding), labour disputes, ageing infrastructure, and regulatory uncertainty. Russia (11% of supply) adds further geopolitical risk. Any significant disruption to South African or Russian production would have an immediate and severe impact on global platinum prices.
Platinum ETFs & Investment Vehicles
The largest platinum ETF globally is the Aberdeen Standard Physical Platinum Shares ETF (PPLT) with approximately 470,000 troy ounces in custody. European investors often use WisdomTree Physical Platinum (PHPT) on the London Stock Exchange. Unlike gold and silver ETFs, platinum ETFs hold a relatively small proportion of annual mine supply, meaning significant ETF inflows can have a disproportionate impact on the platinum price.
Platinum vs. Gold – The Platinum/Gold Ratio
The platinum/gold ratio (currently below 0.5) is at historically low levels. For most of the 20th century, platinum traded at a premium to gold, reflecting its greater industrial importance and rarity. Many precious metals analysts argue that the current discount represents a significant investment opportunity, particularly given the potential for hydrogen-driven demand growth. However, platinum's higher industrial sensitivity means it can underperform gold in economic downturns.
For more precious metals data, visit our Precious Metals overview, the Gold price page, the Silver price page, or use the Gold/Silver Ratio Calculator.