Platinum Prices – Historical Graph

Real-time chart of historical daily platinum prices. The prices are shown in troy ounce.
The current price is and is last updated on .
  • The average price in the past 3 days is
  • The average price in the past 7 days is
  • The average price in the past 30 days is
  • The average price in the past 365 days is

Platinum Prices Explained

Platinum prices constantly show a bearish market, dropping its mark to around $850.

The forecasted weak car production for ICE ( internal combustion engines ) in 2024 largely contributes to its slumping prices. Additionally, the growing production of EVs which rely on platinum metal alternatives adds pressure to their prices. However, the commodity’s forecasted deficit due to electricity shortages in South Africa and sanctions on one of its top producers, Russia, will still keep the supply chain in check.

Why are platinum prices fluctuating?

Here are the top price movers of platinum:

1. Supply Issues

With a combined production of almost 85%, South Africa and Russia occupy the top 2 spots in platinum producers globally. However, war, energy issues, and strikes slow down their supply and drive its price upward. For example, production input in Russian platinum decreased after its government announced a ‘special operation’ in Ukraine in February 2022. Also, the West sanctions lessen the commodity’s availability.

Moreover, Sibanye Gold in South Africa, the largest platinum producer frequently experiences power cuts due to the aging coal-fired generating plants’ usual breakdown. Thus, this energy source problem caused a massive 9% reduction in their total production, leading to increasing platinum prices.

2. Car Industry

Due to technological advancements, increased demand for platinum continuously surges as it is more effective in neutralizing harmful emissions from vehicles compared to the pricier palladium in catalytic inverters. Furthermore, the growth of the Chinese car industry since its trade re-opening fills up its big appetite in the car manufacturing industry.

3. Industrial and Cloud Applications

Platinum is an important product in the medical field such as pacemakers and surgical instruments in keyhole operations. Additionally, the majority of cloud technologies use this metal in liquid crystals to increase storage density for servers that support cloud storage and applications.

4. Investment

Investment demand for platinum accounts is 11%. This is relatively new, however, since the market is volatile, experts believe that this will be the new trend in the coming years.

Which variables impact the price of platinum?

  • Supply Issues
  • Car Industry
  • Industrial and Cloud Applications
  • Investment
  • Geopolitical Events
  • Currency Rates

Where does platinum come from?

Platinum is a rare metal and a member of the platinum group of metals ( PGMs ) which also includes other elements such as palladium, rhodium, ruthenium, iridium, and osmium.

It forms through the magmatic and geologic processes. An activity that involves the cooling and solidification of molten rock. When extracted, it is usually found with other minerals such as nickel, copper, and iron sulfides.

While this commodity is popular in making jewelry, its application extends beyond gems and investment. Its excellent catalytic properties transform carbon monoxide and nitrogen into less harmful pollutants. 

Additionally, its hydrogen fuel cells generate electricity without harmful byproducts. Thus, platinum is a key to a green and sustainable energy transition. 

Presently, South Africa, Russia, and Zimbabwe are the top three platinum-rich mine deposits in the world. South Africa’s production averages 70%-75% covering almost the import industry.

What is the future price of platinum?

South African issues, hydrogen, and scarcity are the current and future guidelines for platinum prices.

1. South African Issues

Extended power cuts, political and social unrest, and wage strikes from mining workers are the long-standing issue that slows down the largest producer in the world.

2. Hydrogen

Is it an electric-powered car or a hydrogen car in the future?

While Tesla’s electric car production has been increasing since 2020, German car manufacturers mainly Audi and Volkswagen are investing heavily in hydrogen cars which require a large amount of platinum for the catalysts in fuel cells. Furthermore, the switch to green gas consumption to preserve fossil fuels also needs a considerable amount of this metal.

3. Scarcity

Platinum is a rarer metal than gold which means that calculated production and sustainable usage should go hand in hand.

Overall, these are the basis of the platinum price forecast in the coming years which will be roughly $4, 144 at the end of 2030. This of course is subject to change according to time factors.

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