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Platinum price today — live chart, price per gram and ounce
Number of products: 0Platinum is quoted per troy ounce — 31.1035 grams — in US dollars. Everything below converts from that one number. The chart shows the spot market; what you pay for a bar or coin is spot plus a premium, and in the United Kingdom plus VAT.
Who sets the benchmark platinum price
Alongside the continuously traded spot price there is a formal daily benchmark: the LBMA Platinum Price, set by electronic auction. Administration of it changed hands recently — ICE Benchmark Administration took over from the London Metal Exchange on 1 July 2026. Pages that still name the LME as administrator have not been updated.
The benchmark is the reference used in contracts and valuations. The chart above tracks the spot market, which moves continuously between auctions.
Platinum price per gram, ounce and kilogram
One troy ounce is exactly 31.1035 g. To convert a quoted ounce price:
| Unit | Conversion from the ounce price | Worked example at USD 1,000 per ounce |
|---|---|---|
| 1 gram | ounce price ÷ 31.1035 | USD 32.15 |
| 10 grams | ounce price ÷ 3.11035 | USD 321.51 |
| 100 grams | ounce price × 3.21507 | USD 3,215.07 |
| 1 kilogram | ounce price × 32.1507 | USD 32,150.70 |
The example uses a round USD 1,000 to make the arithmetic visible. Substitute the live figure from the chart for the current value.
Why the product price is never the chart price
Spot is the price of unfabricated metal in wholesale quantity. A coin or bar has been refined to a retail fineness, pressed, serial-numbered, packaged, insured and shipped, and each of those steps is paid for in the premium. Premium is proportionally largest on the smallest items, because the manufacturing cost per piece barely changes with size.
Platinum adds one more layer that gold does not have: VAT. See the tax section below.
What moves the platinum price
Platinum behaves less like a monetary metal than gold does, because most of the demand is industrial. The World Platinum Investment Council's Platinum Quarterly for the first quarter of 2026, published on 18 May 2026, forecasts total 2026 demand of 7,674 thousand ounces, split roughly as follows.
| Demand segment | 2026 forecast, thousand oz | Share |
|---|---|---|
| Automotive — autocatalysts | 2,959 | 39% |
| Industrial — chemical, glass, electrical, petroleum | 2,238 | 29% |
| Jewellery | 1,958 | 26% |
| Investment | 519 | 7% |
Two thirds of demand is therefore tied to industrial production and vehicle manufacturing. That is why platinum tracks the manufacturing cycle more closely than gold does, and why news about emissions rules or car output can move it when nothing has happened in the monetary world.
Supply is the other half of the picture, and it is unusually concentrated. WPIC forecasts total 2026 supply of 7,377 thousand ounces against refined mine supply of 5,551 thousand ounces, of which South Africa alone accounts for 4,005 thousand ounces — about 72 per cent of refined mine supply. A single country's power grid, labour relations and mine safety record therefore matter to the platinum price in a way no single country matters to gold. WPIC records 2026 as the fourth consecutive annual deficit, at 297 thousand ounces.
What the London market actually trades
The London Platinum and Palladium Market sets the good delivery standard for wholesale metal: plates and ingots from 1 kg to 6 kg at a minimum fineness of 99.95 per cent. That 99.95 figure is why retail platinum bars and coins are 999.5 rather than the 999.9 familiar from gold — the coin mints strike to the market standard.
Tax status of platinum
The UK VAT exemption for bullion covers investment gold and nothing else. HMRC defines investment gold in VAT Notice 701/21 as gold of a purity of not less than 995 thousandths in bar or wafer form, or a qualifying gold coin. Platinum is not investment gold, so it carries VAT at the standard rate — currently 20 per cent in the United Kingdom and 23 per cent in Poland.
Capital gains tax follows sterling legal tender, so platinum bars carry no relief and platinum coins denominated in dollars, euros or Australian dollars carry none either. This is a statement of the published rules and not tax advice.
Questions about the platinum price
How do I work out the platinum price per gram?
Divide the quoted ounce price by 31.1035. At USD 1,000 per ounce that is USD 32.15 per gram.
Who sets the LBMA Platinum Price?
It is set by daily electronic auction. ICE Benchmark Administration took over administering it from the London Metal Exchange on 1 July 2026.
Why does platinum move differently from gold?
Because about two thirds of platinum demand is industrial and automotive, against a small investment share. It tracks manufacturing activity in a way gold does not.
Why is platinum 999.5 and not 999.9?
Because the London good delivery minimum for platinum is 99.95 per cent, and the refineries and mints strike to that standard.
Does platinum carry VAT in the UK?
Yes, at the standard rate of 20 per cent. Only investment gold is exempt under VAT Notice 701/21.
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