The platinum price and its origins
A summary of the platinum price
- 10 minutes read
Current platinum price (precious metal value)
Disclaimer: This overview of current precious metal prices and exchange rates is intended solely to provide information about platinum prices. As a specialist storage provider, OrSuisse does not trade in precious metals. Thus, we do not make purchase offers, nor provide binding price information as regards the sale or purchase of platinum and other precious metals.
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Platinum price per kilogram |
35’375.05 CHF / kg platinum |
37’875.19 EUR / kg platinum |
44’454.86 USD / kg platinum |
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Platinum price per troy ounce |
1’100.29 CHF / oz platinum |
1’178.05 EUR / oz platinum |
1’382.70 USD / oz platinum |
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Platinum bars 100 g |
3’537.50 CHF |
3’787.52 EUR |
4’445.49 USD |
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Platinum bars 250 g |
8’843.76 CHF |
9’468.80 EUR |
11’113.72 USD |
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Platinum bars 1000 g |
35’375.05 CHF |
37’875.19 EUR |
44’454.86 USD |
One troy ounce (oz) corresponds to 31.1034768 grams – usually rounded off to 31.1g.
Exchange rates
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0.9340 EUR / CHF |
1.1737 EUR / USD |
0.7958 USD / CHF |
Please note prices are constantly adjusted, so the actual sale or purchase price may vary. Sales pricing typically includes a processing fee. We only display current metal values.
We specialise in the storage of precious metals and other valuables but do not trade in these commodities. If you are interested in buying platinum or other precious metals, we would recommend:
Buy platinum from our authorised dealers!
Echtgeld AG in Switzerland:
Victoreanum eG. in Germany:
Influencing factors, history, and price performance of this grey precious metal
Like gold, silver, and palladium, platinum grey metal is also a valuable precious metal. Platinum is generally considered a rather rare, high-density metal valued for its durability, and corrosion resistance. Furthermore, platinum is an excellent electrical conductor, which explains its broad range of industrial applications. It is also used in jewellery making – both as pure platinum and as a platinum-gold alloy. Platinum coins and bars too can be used to secure assets, with prices calibrated according to the value of one troy ounce.
Disclaimer: This article provides general information on the topics of platinum and the platinum price, but does not constitute comprehensive guidance or investment advice. As a private storage company, OrSuisse does not trade in precious metals. Thus we cannot provide binding price information for platinum products or other precious metals. Nor will we make any offers to persuade you to buy or sell such products.
One troy ounce is the standard unit of weight used internationally for classifying precious metals. It corresponds to exactly 31.1034768 grams, which is often rounded off to three decimal places and thus abbreviated to 31.103 grams. So the platinum price is generally based on this unit of weight, unless explicitly stated otherwise. Platinum pricing is initially quoted in US dollars, with prices in other currencies derived from this dollar base at current exchange rates. This is how the platinum price in CHF or the platinum price in EUR is arrived at, though these prices may differ from the platinum price in USD due to exchange rate differences.
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Difference between the spot price and futures pricing
The platinum price is determined daily on international trading platforms, though here a distinction is made between the price of physical precious metals and the quoted price of securities that merely represent platinum. The London Platinum and Palladium Market (LPPM – comparable to the LBMA for gold and silver) is one of the largest over-the-counter trading venues for physical platinum. This is where the precious metal price is negotiated daily, based on supply and demand and quoted in US dollars. The counterpart to these markets are exchange-traded derivatives, which are often not directly backed by physical platinum but merely track and reflect its changing value. Futures contracts, which are traded on the New York Mercantile Exchange (NYMEX) and its COMEX sub-segment, are considered a crucial element of platinum pricing.
The spot price per troy ounce is relevant for physical platinum such as bars or coins. It references the current market price for tangible platinum products for immediate delivery. The spot price serves as a guide for both buyers and sellers. This price is dynamic in nature and thus subject to fluctuations, primarily driven by supply and demand, but also by other events (learn more about this in the following section of this article). This reference price is also subject to further premiums arising from the costs of producing, transporting, and storing platinum coins or bars.
The price of platinum futures is determined by trading in forward contracts. These are standardised contracts that allow the purchase or sale of a defined quantity of platinum at a fixed price at a future date. The price per troy ounce of platinum specified in the contract is the pricing that applies to the deal, and not the current spot price. Such commodity futures products are primarily used to hedge prices, e.g. for platinum producers. Investors can also speculate on the metal’s future price on a specific date. However, such contracts are typically sold or rescheduled for speculative purposes before their expiry date. This primarily involves trading futures prices rather than owning any physical precious metal.
Factors influencing the platinum price
The value of platinum, and thus its market price, is primarily determined by supply and demand. Political and economic stability in major platinum-producing countries such as South Africa, Russia, and Canada is a key factor in determining the available supply. Furthermore, platinum recycling has played a positive role in the availability of this grey metal in recent years.
Nevertheless, the demand for platinum comes primarily from the industrial sector. The automotive industry is considered the largest consumer of platinum, mostly due to its use in the production of catalytic converters for petrol and diesel engines. Another important consumer is the jewellery sector, which uses platinum for products such as rings, necklaces, and wristwatches.
In addition to this, the platinum price also depends on the strength of the US dollar, because this is the currency the international markets use to trade platinum. Other economic influencing features include inflation or recessionary pressures, as well as the monetary policy of central banks: falling or rising interest rates affect platinum demand, because they are most likely to influence investor willingness to trade as well as borrowing costs. Geopolitical events such as wars, pandemics and tariff disputes are further factors, and currency fluctuations can also affect the precious metal price. For example, a weak US dollar can make platinum more attractive to international buyers and thus increase demand. Last but not least, speculative activity on the financial markets can also cause short-term price volatility.
Platinum and its importance as an industrial metal
Platinum is used as an important component in automotive catalytic converters for passenger vehicles to reduce harmful pollutant emissions. This measure was first introduced in the 1970s and standardised from the 1980s onwards, particularly for petrol and diesel combustion engines. Platinum remained a key component in catalytic converter technology throughout the 2000s, reaching its peak in 2007. Currently, auto-electrical engineering is increasingly displacing traditional exhaust gas purifiers in automotive manufacturing. However, such catalysts are also required in many other areas, so platinum remains indispensable for eco-friendly chemical processing. For example, in the oil industry, platinum serves as a catalyst for converting low-quality fuel into more efficient substances. Thus it seems unlikely these types of catalysts will be completely replaced by other technologies in the foreseeable future.
Platinum is also a key element in the production of hydrogen fuel cells, for example, which are used for cleaner and more efficient electricity generation. Platinum is also required in electronics for the manufacture of electrodes, electrical contacts, and thermocouples (e.g., temperature measuring devices or sensors). Platinum also facilitates the production of nitric acid and other products in industrial chemistry. Elsewhere, it is also essential in medicines where it acts as a bonding element and is a component of drugs used to treat cancer. In dentistry, platinum is used in high-quality dental prostheses and for creating long-lasting fillings.
The role of economic aspects in the value of platinum
The platinum price is closely linked to the global economy and industrial demand – particularly from the automotive segment. So rising economic growth and increased industrial demand tend to lead to higher platinum prices, while slumps in demand and economic downturns can lower the price.
Developments in the automotive industry are likely to be the key driver of demand. Platinum has previously been used to manufacture catalytic converters, and it seems this demand is set to continue to be largely driven by the demand from the automotive industry. Experts believe that the demand for electric vehicles that do not use catalytic converter technology will have a lasting impact on the platinum price.
Platinum is also highly dependent on economic cycles: Increased economic growth and rising automobile sales – primarily in the major economies of the USA and China – can lead to increased industrial demand for platinum. This naturally causes the platinum price to rise, while any economic slowdown in major industrialised nations could lead to a price decline.
Platinum Prices: the historical perspective
Looking back, platinum’s monetary value was never as high as gold or silver. And for a long time, this grey metal was considered inferior, and even worthless. This only changed in the late 18th century, once its industrial properties were discovered. During the First World War (1914-1918) and in the following decades, the value of platinum rose, and occasionally even exceeded the price of gold. Yet the platinum price also managed to decline by the same amount.
Platinum reached its previous all-time high of USD 2,273 in March 2008, during the global financial crisis. This peak was then followed by a sharp drop to below USD 1,000 and a partial recovery. From around 2015, the platinum price began to more or less tread water without any notable highlights, thus settling far below the gold price but significantly above the silver price. Since the drastic decline in the price of palladium, which began in 2024, these two grey metals have maintained a broadly similar value relationship.
Investing in platinum products
Prospective platinum investors have various options. In addition to a wide range of jewellery and watches, platinum bars and platinum coins are also available as physical products. Bars are offered in weights from one gram up to one kilogram. As regards the platinum coin market, classic coins such as the American Eagle, Britannia, China Panda, Australian Kangaroo, Krugerrand, Maple Leaf, and Vienna Philharmonic have established themselves and are all traded internationally. It is also worth noting that, in common with other white metals, the purchase of platinum products is subject to a VAT levy. Switzerland applies a VAT rate of 8.1%, which must be added to the cost of a platinum purchase – in addition to any other coin surcharges. See the next section for an explanation of how you can still save on VAT when buying platinum.
However, the physical platinum market plays a somewhat minor role. In reality, financial products such as exchange-traded commodities (ETCs), futures, or platinum options, all of which more or less reflect the value and price performance of the metal, are much more important. Such derivatives make platinum trading both easier and faster. However, participation in these kinds of investment requires greater expertise from individual investors.
In general, platinum, like its sister metal palladium, is potentially prone to high market volatility. Unlike gold or silver, platinum remains an industrial metal whose value is primarily determined by industrial demand, particularly within the automotive sector.
What you need to know about platinum storage
Those who invest in platinum via derivatives don’t have to worry about physical storage. However, when a purchase involves coins or bars, secure storage is an essential. Platinum safekeeping in Safe deposit boxes is really only a practical proposition for small amounts.
Storage in a bonded warehouse is recommended as a viable alternative. This method also has the advantage that your holding can then be purchased VAT-free. If the platinum is delivered direct to a transit warehouse immediately after purchase, the precious metal is deemed not to have been imported into Switzerland, so it can remain duty-free indefinitely as long as the platinum does not leave the warehouse.
To ensure that platinum products remain a fully tradeable liquid asset, the private storage company OrSuisse offers national and international clients an attractive, bank-independent package. Your bars and/or coins are stored in allocated & segregated storage, clearly identified and assigned to the client within a bonded warehouse. Unlike collective storage arrangements, the platinum items originally delivered always remain the property of the client. In addition, OrSuisse issues negotiable warehouse receipts for your deposited goods, which can be used like securities and guaranteed under the Swiss Code of Obligations. Platinum can be sold at will using these tradeable warehouse receipts, – even without any physical movement of goods, and thus remaining VAT-free. This concept not only facilitates the secure storage of platinum, at the same time, it also means your precious metals retain the same flexibility as platinum securities.
A summary of the platinum price:
- Platinum, one of the four most important precious metals, is renowned for its durability and high density.
- Along with silver and palladium, platinum is primarily regarded as an industrial metal. It is mostly used in the automotive industry for the production of catalytic converters.
- The price of one troy ounce of platinum is determined daily on international trading platforms and quoted in USD. The primary indicators are the spot price for physical precious metals and the futures price for forward contracts.
- The platinum price primarily depends on supply and demand. Other price-determining factors include geopolitical events, inflation and interest rate policies, and currency fluctuations.
- In addition, global economic growth also has a significant impact on the price of platinum: An upturn in the economy can lead to increased industrial demand, while a slowdown can precipitate a price decline.
- Platinum is also suitable for asset protection and portfolio diversification. Physical coins or bars as well as various platinum securities are available for this purpose.
- The private storage company OrSuisse offers allocated & segregated storage of physical platinum products in a bonded warehouse, so that purchase transactions can remain VAT-free. OrSuisse negotiable warehouse receipts can be used like securities.