Platinum trades at $1,711.00 per troy ounce as of 5 Oct 2026, 15:35 UTC, and that live spot figure is the baseline against which every dated forecast below is measured, not a forecast itself. SFA (Oxford) and Heraeus are the only two houses that publish a named, dated platinum price range; Johnson Matthey and the World Platinum Investment Council (WPIC) publish supply and demand balances but no price target at all. This page sets out each forecaster's range with its publication date, the four statistically significant drivers behind WPIC's own price model, and how the same houses' prior calls compared with what actually happened.
| Metal | USD per troy ounce | USD per gram | USD per kilogram |
|---|---|---|---|
| PlatinumPt | $1,711.00 | $55.01 | $55,009.93 |
Spot prices from Metals-API, refreshed every minute; values per gram, kilogram and other units are converted from the per-ounce quote. How our prices are sourced
The figure above tracks the LBMA Platinum Price, the London benchmark auctioned by ICE Benchmark Administration (IBA) since 1 July 2026; see LBMA platinum price.
Platinum is one of six platinum group metals with a live price today, and all six sit together on platinum group metal prices today.
What Drives the Platinum Price?#
Four factors move the platinum price, in order of statistical weight: the gold price, automotive demand, the USD:ZAR exchange rate and jewelry demand, according to WPIC's published price attribution model (WPIC, 29 October 2024). Each carries a coefficient from WPIC's regression, listed below with its statistical significance.
- Gold price: every $1 move in the average annual gold price shifts platinum by $0.68 per ounce, the largest and most significant coefficient in the model (t = 6.85).
- Automotive demand: a 1,000-ounce change in annual platinum automotive demand shifts the price $0.28 per ounce (t = 6.53), the second-most significant driver.
- USD:ZAR exchange rate: a weaker rand lowers South African miners' dollar costs, and the model attaches $0.60 per ounce to every 1-rand move (t = -4.44).
- Jewelry demand: a 1,000-ounce change in annual jewelry demand shifts the price $0.23 per ounce (t = 3.09), the fourth significant driver.
Two further variables enter the same model, NYMEX managed-money net long positioning and the 10-year US Treasury yield, but neither is statistically significant (p = 0.31 and p = 0.52), so this page treats only the four factors above as established drivers. The full nine-factor supply and demand framework behind platinum's price sits on what drives the platinum price.
Platinum Price Forecasts by Source#
SFA (Oxford) and Heraeus are the two houses that publish a named, dated platinum price forecast, each in a different format and over a different horizon. Their current ranges are listed below.
| Forecaster | Published | Horizon | Forecast | Notes |
|---|---|---|---|---|
| SFA (Oxford) | May 2026 | 6-month average | $1,850 average, $1,500-$2,450 range | Tracking inside range as of 6 August 2026 |
| Heraeus | November 2025 | Calendar year 2026 | $1,300-$1,800 range | Broken to the upside by the January 2026 all-time high |
SFA's six-month forecast, published in May 2026, sat at $1,742 to $1,749 per ounce three months later (Kitco, Trading Economics, 5-6 August 2026), 5 to 6 percent below its $1,850 point estimate and inside its own range. Heraeus's calendar-year 2026 range, published in November 2025, was already overtaken once trading resumed in January, when platinum reached its $2,923 all-time high on 26 January 2026 (WPIC), 62 percent above the range's $1,800 top.
Platinum Supply and Demand Balance Forecast#
WPIC/Metals Focus swung its own 2026 platinum balance forecast from a 297,000-ounce deficit to a 265,000-ounce surplus in under four months, the clearest example on record of how fast a PGM balance forecast can move. The named, dated balance calls in circulation are listed below.
| House | Published | Year | Balance (koz) | Direction |
|---|---|---|---|---|
| WPIC / Metals Focus | 18 May 2026 | 2026f | -297 | Deficit |
| WPIC / Metals Focus | 9 September 2026 | 2026f | +265 | Surplus |
| Johnson Matthey | 14 May 2026 | 2026 | Not disclosed | Deficit (4th consecutive year) |
WPIC chief executive Trevor Raymond attributes the 562,000-ounce swing overwhelmingly to first-half 2026 investment outflows, not a change in physical supply or demand (WPIC, 9 September 2026). Johnson Matthey's PGM Market Report, on its own basis, still shows platinum in deficit for a fourth consecutive year; the two houses' figures are never combined into one calculation. A balance forecast is not a price forecast: platinum ran six consecutive annual deficits between 2010 and 2019 while its price fell, which is WPIC's own reason for excluding the supply-demand balance from its price model as statistically insignificant (WPIC, 29 October 2024). The wider platinum group metals market balance, with both houses' series side by side, is on platinum group metals market.
The WPIC Platinum Price Attribution Model#
WPIC's Platinum Price Attribution Model, published 29 October 2024, is the only publicly documented PGM price regression, an ordinary least squares model fitted to 31 annual observations from 1993 to 2023. The model returns an adjusted R² of 0.8896 and a standard error of $139.29 per ounce, and of its six variables, four are statistically significant, listed below with their coefficients.
| Variable | Coefficient | t-statistic | Significant? |
|---|---|---|---|
| Gold price (US$/oz) | +0.68 | 6.85 | Yes |
| Automotive demand (koz) | +0.28 | 6.53 | Yes |
| USD:ZAR | -59.57 | -4.44 | Yes |
| Jewelry demand (koz) | +0.23 | 3.09 | Yes |
| NYMEX % net long | +369.68 | 1.04 | No (p = 0.31) |
| 10-year US Treasury yield | -23.98 | -0.65 | No (p = 0.52) |
WPIC states plainly that running the model forward "would equate to forecasting six different underlying factors to produce a forecast for the one dependent factor," so this page never publishes a PPAM-derived platinum price. The same model rejected the platinum supply-demand balance itself as statistically insignificant, which is WPIC's own explanation for why the 2010 to 2019 deficits above did not lift the price.
The Platinum Price Forecast Track Record#
Every published 2026 platinum price range broke to the upside within one quarter of publication, based on the record of the two forecasters covered above. The published range, the actual outcome and the overshoot are listed below.
| Forecaster | Published range | Horizon | Actual outcome | Overshoot |
|---|---|---|---|---|
| Heraeus | $1,300-$1,800 (November 2025) | Calendar year 2026 | $2,923 on 26 January 2026 (WPIC) | +62% above the range top |
| SFA (Oxford) | $1,850 average, $1,500-$2,450 (May 2026) | 6-month average | $1,742-$1,749 on 5-6 August 2026 (Kitco) | 5-6% below the point estimate, inside range |
Balance forecasts have moved just as fast. WPIC's own five-year platinum deficit forecast, published 29 October 2024, projected an average annual deficit of 821,000 ounces for 2024f-2028f; its 11 June 2026 edition cut that to an average of 331,000 ounces per year for 2026f-2030f, a 60 percent reduction over a period when the price roughly doubled, though the two horizons differ by two years and are not a like-for-like revision.
Platinum, Gold and the Macro Picture#
Gold carries more weight in WPIC's published platinum price model than any other single variable, at $0.68 per ounce of platinum for every $1 move in gold, larger than the contribution of automotive demand, jewelry demand or the rand at current levels. Platinum has no equivalent published price model of its own, but the same macro relationship shows up in its price history: platinum has traded below gold continuously since 2015, and WPIC's price attribution model put the unexplained residual in platinum's price above $500 per ounce on the day of its January 2026 all-time high, falling to minus $11 per ounce once the market reset days later. The wider comparison of price, rarity, value and investment between the two metals is on platinum vs gold; this description of past behavior is not investment advice.
Other PGM Price Forecasts#
DailyPlatinum publishes a named, dated price forecast page for platinum, palladium and rhodium, built on the same forecaster set wherever one exists for that metal. Read the palladium price forecast and the rhodium price forecast for their own ranges and balances.
Platinum Price History and Chart#
The events behind platinum's past price moves, including its 2008 and 2026 records, are covered in full on platinum's own history and chart pages, not restated here. See platinum price history for annual prices and platinum price chart for the live and historical series.
Platinum Price Forecast FAQ#
What will platinum be worth in 5 years?#
No named forecaster publishes a platinum price forecast five years out; the closest published figure is WPIC's own 5-year balance outlook (11 June 2026), which projects an average annual deficit of 331,000 ounces for 2026f-2030f. That is a supply and demand balance, not a price target, and it does not translate into a dollar figure.
How much will platinum be worth in 2030?#
No named forecaster in DailyPlatinum's sources has published a 2030 platinum price. SFA (Oxford) and Heraeus, the two houses that publish price ranges, cover a 6-month average and a calendar year respectively, both well short of 2030.
How high could platinum go in 2026?#
SFA (Oxford) puts platinum at a $1,850 six-month average with a $1,500-$2,450 range, published in May 2026, while Heraeus's calendar-year 2026 range of $1,300-$1,800, published in November 2025, was already exceeded when platinum set its $2,923 all-time high on 26 January 2026. Neither range should be read as a ceiling given that history.
What is the platinum price prediction for 2027?#
No named forecaster in DailyPlatinum's sources has published a 2027 platinum price prediction; the current SFA and Heraeus ranges above run through calendar year 2026 and the six months following May 2026.
Is platinum going to boom?#
DailyPlatinum gives no investment advice or price direction; the named forecasters disagree with each other, since WPIC/Metals Focus swung its own 2026 balance from a deficit to a surplus forecast within four months while Johnson Matthey's report, on its own basis, still shows a fourth consecutive deficit year.
What metal is 30 times rarer than gold?#
Platinum is the metal commonly cited as roughly 30 times rarer than gold, and it is element 78 on the periodic table (Pt), with CAS number 7440-06-4. Its full identity, properties and uses are on platinum (Pt), element 78.