Price

Platinum Pricing and Market Data

Platinum prices traded in a $900-1,050/oz range through 2025, underperforming gold but finding support from persistent supply deficits. South Africa - which produces approximately 70% of global platinum - faced continued operational challenges including aging infrastructure, power supply constraints from Eskom, and labor disputes. The World Platinum Investment Council reported a fourth consecutive annual supply deficit. Demand was supported by automotive catalytic converter requirements (despite EV growth, hybrid vehicles still require PGMs), growing hydrogen fuel cell adoption in heavy transport, and jewelry demand in China. The platinum-gold discount widened to historic levels, attracting investor interest in platinum as a potential catch-up trade.

Pricing Mechanisms

Platinum is priced using benchmarks from LBMA/Johnson Matthey. Platinum pricing operates through a combination of exchange-based benchmarks, price reporting agency assessments, bilateral negotiation, and long-term offtake contracts. The specific mechanism depends on product form, grade, and the buyer-seller relationship.

Price History and Notable Market Events

The Platinum market has been shaped by the following key events:

Price Drivers

Key factors influencing Platinum prices include production levels in South Africa (72% of global supply), demand from diesel catalytic converters and hydrogen fuel cell catalysts, inventory levels, energy costs, and government policy actions such as export restrictions or strategic stockpiling.

Spot vs. Contract Pricing

The Platinum market features both spot transactions and longer-term contracts. Spot prices reflect current conditions and are more volatile, while multi-year offtake agreements provide supply security for both producers and consumers. Current spot pricing is in the range of 2,069-2,079 $/oz (66,500-66,800 $/kg).