Platinum traded at $1,749.00 per troy ounce on 5 August 2026 on Kitco's spot series, a fraction of the $2,923 all-time high the metal reached on 26 January 2026, per the World Platinum Investment Council (WPIC). Platinum (Pt, element 78) is one of the platinum group metal prices today that disagree by series more than by day, so every figure on this page names its own source back to 1971. For today's price and a live, updating line, see platinum price today and the platinum price chart.
Platinum's All-Time High and Low#
Platinum's all-time high is $2,923 per troy ounce, set on 26 January 2026, according to the World Platinum Investment Council (WPIC); the same event read $2,860 on Johnson Matthey's base price and $2,923.70 on NYMEX futures (Trading Economics), because the three series rarely print the same number on the same day. The record it replaced, $2,308.80 on NYMEX futures (about $2,290 spot) on 4 March 2008, had stood for almost 17 years before platinum first broke it on 24 December 2025, near $2,320 to $2,323 (metalcharts.org; Kitco). At the other end, platinum's all-time low is $97.70 per troy ounce, on the series Trading Economics has tracked since 1968; the lowest annual average in the metalcharts.org series, which begins only in 1971, is $112, a fact about where that particular table starts rather than about the metal's full history.
| Record | Price (USD per oz t) | Date | Series / source |
|---|---|---|---|
| All-time high | 2,923.00 | 26 January 2026 | WPIC |
| All-time high, JM basis | 2,860.00 | January 2026 | Johnson Matthey base price |
| All-time high, futures | 2,923.70 | 26 January 2026 | NYMEX (Trading Economics) |
| Previous record (held ~17 years) | 2,308.80 | 4 March 2008 | NYMEX futures (Nasdaq) |
| All-time low | 97.70 | Series since 1968 | Trading Economics |
Four series, one event: never blend a Johnson Matthey base price with a futures print in the same row.
Platinum Price History by Year#
Platinum's price history by year is a continuous annual average running from 1971, when the metalcharts.org LBMA-based series begins, per that source's own note marking 1971 as the year "platinum begins free trading." The table below lists 13 representative years, including every year behind the timeline further down this page. Two rows carry a caveat: metalcharts.org's own 2024 and 2025 averages, $985 and $1,010, cannot be reconciled with platinum's documented 2025 rally to a record high, so the 2025 row instead uses Heraeus' year-to-date average of $1,227 from its Precious Forecast 2026, labeled partial-year rather than a full calendar-year figure.
| Year | Avg price (USD/oz t) | YoY | Note |
|---|---|---|---|
| 1971 | 112 | n/a | Series start |
| 1980 | 677 | +52.1% | Mania peak |
| 1987 | 553 | +19.9% | Recovery, still below 1980 |
| 2000 | 544 | +44.3% | |
| 2008 | 1,572 | +20.6% | Pre-crash peak year |
| 2009 | 1,205 | -23.3% | Post-crash |
| 2011 | 1,721 | +6.9% | Series high through 2023 |
| 2014 | 1,385 | -6.9% | Five-month strike, no rally |
| 2015 | 1,053 | -24.0% | Dieselgate |
| 2019 | 862 | -2.0% | Post-Dieselgate low |
| 2023 | 967 | +0.4% | Base |
| 2024 | 985 ⚠ | +1.9% | metalcharts figure, flagged unreliable |
| 2025 | 1,227 ⚠ | n/a | Heraeus, partial-year, not full-year |
Source: metalcharts.org (LBMA annual average), 1971 to 2023; Heraeus Precious Forecast 2026 for the flagged 2025 row.
Converting any of these ounce prices into other weights uses the same fixed factors as the troy ounce converter.
Platinum Price History Timeline: Major Events#
Platinum's biggest price move was the 2025 to 2026 rally, when the metal climbed from a $908 low in 2025 to its $2,923 all-time high on 26 January 2026, a 222% gain in about 13 months, before falling 43.7% to $1,646 by June 2026 (WPIC; LBMA fix series, via learn.bulliontradingllc.com). That is the sixth major repricing platinum has been through since it became an industrial metal with a genuine market, and the table below dates each one to its cause and its magnitude.
| Episode | Date | Cause | Magnitude | Source |
|---|---|---|---|---|
| 1970s emissions build-out | 1971 to 1979 | US Clean Air Act of 1970 made catalytic converters mandatory for 1975 US models | Annual average rose 297%, $112 to $445 | metalcharts.org; US EPA |
| Eskom power crisis | January to March 2008 | South African blackouts forced platinum mines into force majeure | Price ran from about $1,500 to a $2,308.80 futures record in six weeks | Nasdaq |
| Financial crisis collapse | March to October 2008 | Global vehicle production collapsed, liquidating speculative positions | Price fell 67%, $2,308.80 to $761.80 | Nasdaq |
| Five-month AMCU strike | January to June 2014 | Strike at the three largest South African producers idled 40% of world output | Annual average still fell 6.9%, as above-ground stocks absorbed the 1.2 Moz shortfall | Wikipedia; metalcharts.org |
| Dieselgate | September 2015 onward | Volkswagen's diesel emissions scandal cut into platinum's largest end-use | Annual average fell 38% over five years, 2014 to 2019 | metalcharts.org |
| 2025 to 2026 record run | 2025 to June 2026 | Chinese jewelry rotation, then US trade policy, then broad macro buying, in WPIC's own three-phase account | +222% to the $2,923 record, then -43.7% to $1,646 | WPIC |
The 2014 strike is platinum's most counterintuitive episode: a five-month shutdown of 40% of world supply produced no rally at all, because deep above-ground stocks let manufacturers draw down inventory instead of bidding up spot metal. The opposite condition drove 2025 to 2026. WPIC attributes the rally to Chinese jewelers rotating into platinum at a record discount to gold in the second quarter of 2025, then US trade policy pulling metal onto US exchanges in the third quarter, then broad precious-metals buying from December 2025, on above-ground stocks that WPIC itself projected would fall to under three months of demand by the end of 2026. Platinum reprices sharply only when a shock lands on thin stocks, not merely a large one.
What Moves the Platinum Price#
Four factors currently move the platinum price: its correlation with gold, the US dollar, the South African rand and auto industry substitution between platinum and palladium.
- Gold correlation: platinum tracks gold in macro-driven periods and diverges from it when the auto cycle dominates; WPIC's own price-attribution model found a residual above $500 per ounce on 26 January 2026, later minus $11 once prices "realigned with traditional drivers."
- US dollar: a stronger dollar pressures platinum's dollar price; Johnson Matthey attributes part of the March 2026 sell-off to dollar strength alongside war-driven risk aversion (JM, May 2026).
- South African rand: producers pay costs in rand and sell metal in dollars, so a weaker rand lowers dollar costs and delays supply cuts; in 2021 rand-denominated costs fell 11.0% while dollar costs fell only 0.9% (Minxcon, April 2023).
- Auto substitution: platinum and palladium substitute close to 1:1 in autocatalysts, locked in for a vehicle platform's roughly seven-year life; Metals Focus estimates substitution added 720 koz of incremental platinum demand in 2024.
These same drivers set the reference price behind scrap platinum payouts and jewelry resale.
The Platinum/Gold Ratio#
Platinum has traded below gold on a per-ounce basis every year since 2015 (metalcharts.org), the year the diesel emissions scandal cut into platinum's largest end-use. The ratio, platinum's price divided by gold's, stood at 0.409 to 0.414 in early August 2026, inside a 52-week range of 0.368 to 0.549. Its widest points in 20 years both attach to a single sourced date: the ratio's record low of about 0.29 fell on 16 April 2025, when gold cost 3.45 times as much as platinum (GuruFocus), and its record high of about 2.38 fell on 9 May 2008, when platinum cost more than double gold's price (GuruFocus). Both benchmarks behind this ratio, platinum's own LBMA platinum price and the gold price it is measured against, are auctioned in London under the same administrator.
| Metric | Value | Date | Source |
|---|---|---|---|
| Current Pt/Au ratio | 0.409 to 0.414 | 5 to 6 August 2026 | metalcharts.org; Trading Economics |
| 52-week Pt/Au range | 0.368 to 0.549 | To 5 August 2026 | metalcharts.org |
| Ratio record low (Au/Pt 20-year high, 3.45) | ~0.29 | 16 April 2025 | GuruFocus |
| Ratio record high (Au/Pt 20-year low, 0.42) | ~2.38 | 9 May 2008 | GuruFocus |
The Platinum/Palladium Price Inversion#
Palladium traded above platinum for most of 2017 to late 2025, a reversal of the historical relationship that began on 27 September 2017, the first time the two metals reached parity since 2001. The inversion deepened to its widest point around palladium's March 2022 peak, when platinum traded at roughly 0.32 to 0.34 times the palladium price, before platinum's 2025 to 2026 rally restored its premium. Platinum traded 29.2% above palladium on 5 August 2026 (Kitco), inside a 52-week Pt/Pd range of 1.04 to 1.56 (metalcharts.org). Because the two metals substitute close to 1:1 in autocatalysts but almost always on new vehicle platforms only, a single quarter of inversion changes little; only a multi-year relationship, like 2017 to 2025, moves metal between the two.
| Metric | Value | Date | Source |
|---|---|---|---|
| Current Pt/Pd ratio | 1.28 to 1.29 | 5 to 6 August 2026 | Kitco; metalcharts.org |
| 52-week Pt/Pd range | 1.04 to 1.56 | To 6 August 2026 | metalcharts.org |
| Inversion began (parity reached) | Parity | 27 September 2017 | Contemporaneous reporting |
| Inversion depth (Pt/Pd) | ~0.32 to 0.34 | 7 March 2022 | Derived from platinum and palladium's sourced March 2022 levels |
Real vs Nominal Platinum Prices#
Platinum's January 2026 nominal high of $2,923 is not its inflation-adjusted peak; adjusted for inflation, the metal's March 2008 record is worth roughly $3,400 in today's dollars, and the 1980 mania peak ranks higher still (metalcharts.org). Platinum has therefore set a record nominal price without setting a real one, a distinction the year-by-year table above cannot show on its own.
Platinum vs Gold Price History#
Gram for gram, platinum and gold move on separate supply and demand drivers, not a fixed ratio, though their price order has flipped once in the modern era. Platinum traded at a premium to gold through most of the 20th century, for example around $500 against gold's $350 in 1997, and again above $2,200 against gold near $1,000 in 2008. The two decoupled during the 2015 diesel scandal, according to BullionVault, because platinum's annual mine supply, at less than a tenth of gold's, carries none of gold's central bank reserve and monetary role, so today's discount reflects investment preference rather than scarcity.
| Period | Platinum (USD per oz t) | Gold (USD per oz t) | Order |
|---|---|---|---|
| 1997 | ~500 | ~350 | Platinum premium |
| 2008 (peak) | 2,308.80 | ~1,000 | Platinum more than double gold |
| 2015 onward | Below gold every year | n/a | Gold premium (regime break) |
| January 2026 (record month) | 2,923 | 5,608.35 | Gold premium persists |
Source: metalcharts.org; Trading Economics.
The full comparison of rarity, industrial use and investment case sits on platinum vs gold.
Platinum Price Forecasts on Record#
Johnson Matthey's 14 May 2026 PGM Market Report forecasts a fourth consecutive annual deficit for platinum in 2026, not a price level. The World Platinum Investment Council revised its own 2026 outlook on the same underlying data twice: an 18 May 2026 edition forecast a 297,000-ounce deficit, then its 9 September 2026 edition swung to a 265,000-ounce surplus, a 562,000-ounce reversal that WPIC chief executive Trevor Raymond attributes "overwhelmingly" to investment outflows in the first half of 2026. Neither figure is a price forecast, and Johnson Matthey and WPIC define supply and demand on different bases, so their calls are never combined into one number. Named, dated outlooks are compared on platinum price forecasts.
| Forecaster | Published | 2026 platinum balance |
|---|---|---|
| Johnson Matthey | 14 May 2026 | Deficit, 4th consecutive year |
| WPIC / Metals Focus | 18 May 2026 | Deficit, 297 koz |
| WPIC / Metals Focus | 9 September 2026 | Surplus, 265 koz (revised) |
Other PGM Price History Pages#
DailyPlatinum publishes a dated price history for each PGM that has one.
- Palladium price history: its own annual-average series since 1970 and the March 2022 all-time high of $3,440.76.
- Rhodium price history: dated spike and collapse instead of an annual series, since rhodium has no continuous official average.
Related Platinum Price Pages#
Related platinum price pages cover the live chart, the forecast and the futures contract, each with its own dedicated page.
- Chart: platinum price chart
- Forecast: platinum price forecasts
- Futures: NYMEX platinum futures
Platinum Price History FAQ#
What is the highest price platinum has ever been?#
Platinum's highest price ever is $2,923 per troy ounce, set on 26 January 2026, according to the World Platinum Investment Council; Johnson Matthey's base-price series read the same event at $2,860. The previous record, $2,308.80 on NYMEX futures, had stood since 4 March 2008.
Will platinum ever be worth more than gold?#
Platinum has traded below gold every year since 2015, and even at its own January 2026 record the ratio stayed under 0.55 because gold set its own record the same month. Whether the order reverses again depends on investment demand rather than either metal's scarcity; see platinum vs gold.
Are platinum prices increasing?#
Platinum's price rose from a $908 low in 2025 to a $2,923 record on 26 January 2026, then fell 43.7% to $1,646 by June 2026 and traded near $1,749 in early August 2026 (Kitco). No single direction has held for long; current levels and drivers are on today's platinum price page.
What will platinum be worth in 5 years?#
No forecast in DailyPlatinum's sources covers five years. The latest published outlooks, from Johnson Matthey and WPIC, cover 2026 only, and state a supply and demand balance rather than a price level.
Will silver hit $200 an oz?#
Silver sits outside the platinum group metals DailyPlatinum covers, so this site does not forecast its price. Platinum's own record and its current drivers are covered above.
Should I buy platinum in 2026?#
DailyPlatinum gives no investment advice. Platinum's price history, current drivers and the deficit and surplus forecasts on record are covered on this page; the routes and costs of buying it are compared under investing in platinum.