Platinum rose to 1,213 USD/t.oz on June 9, 2025, up 3.47% from the previous day. Over the past month, Platinum's price has risen 24.49%, and is up 24.35% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Platinum - values, historical data, forecasts and news - updated on June of 2025.

Get the latest insights on price movement and trend analysis of Platinum in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

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Long term dataset of daily platinum prices back to 1985. The price shown is in U.S. Dollars per troy ounce.

This statistic depicts the average monthly prices for platinum worldwide from November 2014 through January 2025. In January 2025, the average monthly price for platinum worldwide stood at 949.23 nominal U.S. dollars per troy ounce.

Platinum prices in , May, 2025 For that commodity indicator, we provide data from January 1960 to May 2025. The average value during that period was 587.57 USD per troy ounce with a minimum of 78.5 USD per troy ounce in April 1963 and a maximum of 2052.45 USD per troy ounce in May 2008. | TheGlobalEconomy.com

As of May 21, 2025, the average platinum price decreased to around *** U.S. dollars per troy ounce. In 2021, platinum was sold at approximately, **** U.S. dollars per troy ounce, a year-on-year rise of close to ** percent. Platinum is a precious metal commodity which is used in jewelry and autocatalyst manufacturing.

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Platinum Market Size 2025-2029

The platinum market size is forecast to increase by USD 1.88 billion at a CAGR of 4.5% between 2024 and 2029.

The market witnesses significant growth, driven primarily by the increasing demand for platinum in various industries, with the automobile sector being a key contributor. The automobile industry's focus on reducing emissions and improving fuel efficiency has led to a wave in the adoption of platinum in exhaust systems. However, the market's growth is tempered by the energy-intensive processing of platinum, which increases production costs. Furthermore, regulatory hurdles impact adoption, as stringent environmental regulations limit the use of platinum in certain applications. In the automotive sector, the rising usage of platinum in catalytic converters and other automotive parts and components is driving market growth.
Supply chain inconsistencies also pose a challenge, as the majority of the world's platinum supply comes from South Africa, which is prone to political instability and labor disputes. Companies seeking to capitalize on market opportunities must focus on optimizing production processes and exploring alternative sources of platinum to mitigate these challenges and maintain a competitive edge.

What will be the Size of the Platinum Market during the forecast period?

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Platinum, a rare precious metal in the platinum group, plays a crucial role in various industries, including jewelry and electronics. The jewelry segment accounts for approximately 25% of global platinum demand, while element's application in electronic equipment and catalytic converters drives significant growth. Spanish explorers discovered platinum over five centuries ago, but its modern uses are more diverse. Catalytic converters, a major application, consume around 40% of the world's platinum supply. Regulatory authorities' stricter emission regulations have boosted demand for platinum in this sector. The automotive industry's shift towards electric vehicles may impact the demand for platinum in catalytic converters. The market is a significant component of the market, which also includes palladium, rhodium, and other rare precious metals.
Meanwhile, the chemical sector and fuel cells are emerging applications, with millions of ounces of platinum used in catalysts. Joint ventures and recycling facilities are essential in the circular economy, as platinum can be recovered and reused. The market faces production halts due to unforeseen circumstances, affecting product prices. Platinum's price volatility is influenced by supply and demand dynamics, as well as source insights from South Africa, the world's largest producer. Silver and gold, platinum's sister precious metals, also impact the market, with their prices influencing platinum's price trend. The platinum group metals' application insights extend to the exhaust systems of gasoline engines and the chemical sector's catalysts.
In the face of regulatory pressures and evolving market trends, the market continues to adapt, offering opportunities for businesses to explore.

How is this Platinum Industry segmented?

The platinum industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

End-user

  Automotive
  Jewelry
  Industrial
  Investment


Source

  Primary
  Secondary


Form Factor

  Platinum bars
  Platinum coins


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    UK


  APAC

    Australia
    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By End-user Insights

The automotive segment is estimated to witness significant growth during the forecast period. Platinum, a precious metal, plays a pivotal role in various industries, most notably in the automotive sector. In this context, the hydrogen fuel segment is a significant consumer, as platinum is a key component in hydrogen fuel cells. Meanwhile, in the automotive exhaust segment, platinum is employed in catalytic converters to minimize pollutant emissions, including carbon dioxide and harmful nitrogen oxides. The chemical sector utilizes platinum in catalysts for various processes, while the semiconductor industry relies on it for producing oxygen sensors. In the jewelry segment, platinum is valued for its white, lustrous appearance and durability. The construction sector employs platinum in catalysts for improving fuel efficiency and reducing exhaust emissions in diesel engines. The market is driven by strong demand from various sectors, including the automotive industry and the chemical sector. In recent years, the automotive sector has witnessed a rise in demand due to the increasing adoption of electric vehicles, hybrid vehicles,

The report covers Global Platinum Market Analysis & Trends and is segmented by Application (Exhaust Systems, Jewelry, Chemical Catalysts, Glass Production, Electronics, and Other Applications) and Geography (Asia-Pacific, North America, Europe, and Rest of the World). For each segment, the market sizing and forecasts have been done on the basis of volume (thousand ounces).

Graph and download economic data for Producer Price Index by Commodity: Miscellaneous Products: Jewelry, Gold and Platinum (WPU15940222) from Dec 2011 to Apr 2025 about platinum, jewelry, gold, miscellaneous, commodities, PPI, inflation, price index, indexes, price, and USA.

Platinum Rings Market Outlook

The global platinum rings market was valued at USD 5.1 billion in 2023 and is projected to reach USD 7.9 billion by 2032, growing at a CAGR of 4.9% during the forecast period. The market size expansion is primarily driven by the increasing consumer preference for luxury and durable jewelry. As consumers become more affluent and style-conscious, they are increasingly opting for high-quality jewelry items such as platinum rings, which are perceived as a symbol of status and sophistication. The market growth is further bolstered by the rising number of weddings and engagements worldwide, coupled with a growing trend of personalization and customization in jewelry.

One of the significant growth factors in the platinum rings market is the inherent qualities of platinum itself. Platinum is renowned for its durability and resistance to tarnish, making it an ideal choice for long-lasting jewelry. This metal’s hypoallergenic properties further enhance its appeal, particularly among consumers with sensitive skin. Additionally, the metal's ability to hold gemstones securely makes it a preferred choice for high-end engagement rings and wedding bands. The increasing awareness about these benefits, alongside effective marketing strategies by leading jewelers, is significantly driving market growth. Moreover, the emotional and symbolic value attached to platinum rings, often associated with everlasting love and commitment, adds to their demand.

Another key driver is the surge in disposable incomes and changing lifestyles, particularly in emerging economies. As economies grow, the middle-class population expands, resulting in increased consumer spending on luxury goods, including fine jewelry. This trend is further supported by the global fashion industry's influence, where platinum rings are often showcased as timeless and versatile accessories that complement various styles and occasions. The rise in online retailing also plays a crucial role, offering consumers a convenient and wide-ranging platform to purchase platinum rings, complete with customization options and competitive pricing. This accessibility boosts consumer engagement and consequently, market growth.

The environmental and ethical sourcing of platinum is also emerging as a significant growth factor. With increasing consumer awareness regarding sustainable practices, jewelers are adopting responsible sourcing methods to attract environmentally conscious buyers. Certification programs and transparent supply chains are becoming key selling points, thereby encouraging purchases from an ethical perspective. This shift towards sustainability in the jewelry sector aligns well with broader consumer trends towards eco-friendly products, further propelling the platinum rings market.

Regionally, the platinum rings market shows varied growth patterns, with Asia Pacific leading due to its burgeoning middle-class population and increased urbanization. North America and Europe remain significant markets, driven by high consumer spending power and the continued popularity of platinum in engagement and wedding rings. Meanwhile, regions like Latin America and the Middle East & Africa offer promising growth prospects as market penetration improves and economies develop. The regional outlook is shaped by cultural preferences, economic conditions, and changing consumer behaviors across different geographies.

Product Type Analysis

The product type segment in the platinum rings market is categorized into engagement rings, wedding bands, fashion rings, and others. Engagement rings represent a significant portion of the market, driven by their symbolic significance and the tradition of proposing with a platinum ring. The demand for engagement rings is consistently high, fueled by the enduring social customs around marriage and proposals. Jewelers continue to innovate in this space, offering a range of designs that feature intricate craftsmanship and gemstone embellishments, further enhancing their appeal. The market for platinum engagement rings is also bolstered by the trend of personalization, where consumers seek unique designs that reflect personal stories and relationships.

Wedding bands are another crucial sub-segment, reflecting both tradition and modern design trends. As couples increasingly look for matching bands that symbolize unity, the demand for customized and elegant platinum wedding bands is on the rise. The durability and purity of platinum make it an ideal choice for wedding bands, ensuring that they withstand the test of time. Innovations in design, such as dual-tone bands a

In 2024, the Indian platinum market increased by 40% to $272.6B, rising for the third year in a row after three years of decline. The market value increased at an average annual rate of +2.2% over the period from 2012 to 2024; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

This statistic depicts the average annual prices for platinum from 2014 through 2026*. In 2023, the average price for platinum stood at 1,100 nominal U.S. dollars per troy ounce.

In 2024, the Ethiopian platinum market increased by 32% to $30M, rising for the second year in a row after two years of decline. Overall, consumption continues to indicate a relatively flat trend pattern. Platinum consumption peaked at $144M in 2017; however, from 2018 to 2024, consumption remained at a lower figure.

According to Cognitive Market Research, the global Platinum Mining market size is USD 5515.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.30% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 2206.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.5% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 1654.56 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 1268.50 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.3% from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD 275.76 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 110.30 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031.
The Open-Pit held the highest Platinum Mining market revenue share in 2024.

Key Drivers of the Platinum Mining Market

Growing Demand for Catalytic Converters to Increase the Demand Globally

The necessity of platinum in lowering hazardous emissions from gasoline and diesel automobiles is driving the demand for catalytic converters. The automotive industry is seeing increased demand for platinum due to the tightening worldwide pollution rules. Due to these laws, which require catalytic converters to reduce pollution, there is a substantial market for platinum as a catalyst. To help with environmental conservation efforts, the metal catalyzes chemical reactions that transform toxic gasses like hydrocarbons, nitrogen oxides, and carbon monoxide into less dangerous compounds. As a result, platinum is viewed as a critical element in the global effort to achieve cleaner and more sustainable transportation due to its indispensable nature in catalytic converters.

Increasing Demand for Jewelry to Propel Market Growth

Due to its legendary durability and alluring shine, platinum jewelry is increasingly in demand. The popularity of platinum jewelry will only increase due to growing disposable incomes and a growing demand for luxury items, especially in emerging nations. Platinum's classic beauty and standing as a symbol of refinement and sophistication are drawing in more and more customers. Furthermore, the metal is favored for fine jewelry due to its hypoallergenic qualities and tarnish resistance. Platinum jewelry is expected to continue in high demand as the luxury market grows internationally due to changing consumer tastes and lifestyle trends, solidifying its status as a sought-after option for affluent customers.

Restraint Factor of the Platinum Mining Market

Price Volatility to Limit the Sales

Numerous causes can cause fluctuation in platinum pricing, which can present difficulties for producers and buyers alike. The platinum market is susceptible to price instability due to various factors, including shifts in the demand for investments and industrial products, geopolitical tensions, currency fluctuations, and supply and demand dynamics. Furthermore, macroeconomic variables that affect investor sentiment and platinum prices include inflation rates, interest rate fluctuations, and growth in the world economy. Producers may find it difficult to plan their output and investment decisions due to this inherent unpredictability, while consumers may need help setting budgets and establishing pricing plans. Therefore, managing risk in the platinum market needs strategic decision-making and close attention to detail to minimize the impact of price volatility on both supply chain ends.

Impact of COVID-19 on the Platinum Mining Market

The COVID-19 epidemic has had a major effect on the platinum mining business. Reduced output levels have resulted from supply chain interruptions, travel restrictions, and lockdowns impeding mining activities. The epidemic has also reduced industrial output and automobile consumption, which has lowered platinum demand and exacerbated market difficulties. While some mining companies have taken precautionary steps to stop the virus from spreading among their employees, others have had difficulties hiring workers and running their businesses. The pand...

Rhodium rose to 5,850 USD/t oz. on June 9, 2025, up 0.86% from the previous day. Over the past month, Rhodium's price has risen 8.84%, and is up 25.81% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Rhodium - values, historical data, forecasts and news - updated on June of 2025.

In 2025, the price of platinum is forecast to hover around 1,150 U.S. dollars per troy ounce. Meanwhile, the cost of per troy ounce of gold is expected to amount to 1,700 U.S. dollars.

Precious metals

Precious metals are counted among the most valuable commodities worldwide. The most well known such metals are gold, silver and the platinum group metals. A precious metal can be used as an industrial commodity or as an investment. The major areas of application include the following sectors: technology, car-making, industrial manufacturing and jewelry making. Furthermore, gold and silver are used as coinage metals, and gold reserves are held by the central banks of many countries worldwide in order to store value or for use as a redemption medium. The idea behind this procedure is that gold reserves will help secure and stabilize the countries’ respective currencies. At 8,100 tons, the United States is the country with the most extensive stock of gold. It is kept in an underground vault at the New York Federal Reserve Bank.

Russia, the United States, Canada, South Africa and China are the main producers of precious metals. Silver is the most abundant of the metals, followed by gold and palladium. Barrick Gold is the world’s largest gold mining company. The Toronto-based firm produced some five million ounces of gold in 2020. The leading silver producers include Mexico-based Fresnillo, Poland’s KGHM Polska Miedž and the mining giant Glencore. Anglo Platinum and Impala are the key mining companies to produce platinum group metals.

In 2023, Silver prices are expected to settle at around 23.5 U.S. dollars per troy ounce. It is expected to remain the precious metal with the lowest value per ounce. The price of gold is forecast to drop to around 1,663 U.S. dollars per ounce, making it the most expensive precious metal in 2023.

The Ugandan platinum market reached $24.6B in 2024, with an increase of 14% against the previous year. The market value increased at an average annual rate of +3.2% over the period from 2012 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs in 2024 and is likely to see gradual growth in the near future.

The Scandinavia platinum market was estimated at $20.1B in 2024, remaining constant against the previous year. The total consumption indicated pronounced growth from 2012 to 2024: its value increased at an average annual rate of +2.1% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -0.9% against 2022 indices. As a result, consumption attained the peak level of $33B.

Impala Platinum stock price, live market quote, shares value, historical data, intraday chart, earnings per share and news.