Platinum increased 78.50 USD/t oz. or 8.78% since the beginning of 2025, 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 March of 2025.

The price of the platinum in USA reached 995 USD/Troy Ounce (H2 2023 Avg Price). It encompasses an in-depth review of spot price of platinum at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of platinum price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

As of January 31, 2024, the average platinum price decreased to around 925 U.S. dollars per troy ounce, an decrease of 40 U.S. dollars compared to the 2023 average price. In 2021, platinum sold at approximately 1089 U.S. dollars per troy ounce, a year-on-year rise of close to 22 percent. Platinum is a precious metal commodity which is used in jewelry and autocatalyst manufacturing.

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.

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.

Explore the dynamic factors influencing platinum market prices, including industrial demand, mining production, geopolitical events, and investment trends. Learn about its role in automotive industries and as a safe haven investment amid global economic conditions.

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...

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

The average platinum import price stood at $32.4M per ton in August 2024, reducing by -1.8% against the previous month.

In 2023, the rate of loss on platinum investments amounted to approximately 7.67 percent. Platinum is a precious metal that is used to make jewelry, in addition to industrial applications such as autocatalysis, among other uses.

After two years of decline, the UK platinum market increased by 4.3% to $43.2B in 2024. In general, consumption, however, continues to indicate a mild descent. Over the period under review, the market attained the maximum level at $61.1B in 2013; however, from 2014 to 2024, consumption failed to regain momentum.

Explore the dynamic market price of platinum, influenced by industrial demand in the automotive sector, geopolitical events, mining outputs, inflation, and currency fluctuations. Gain insights into how investor sentiment and technological advancements shape this precious metal's valuation.

[197+ Pages Report] Global precious metal market size & share to be worth USD 364.89 Billion by 2026 with a growth rate of 8.5% CAGR during the forecast period of 2021-2026.

During the third quarter (Q3) of 2024, the London Metal Exchange (LME) platinum price amounted to 964 U.S. dollars per metric ton worldwide. Between Q4 2022 and Q3 2024, the highest price of platinum was recorded in Q2 2023, when the price stood at about 1,026 U.S. dollars per metric ton.

In February 2023, the platinum price amounted to $33.0M per ton (FOB, United Kingdom), waning by -13.1% against the previous month.

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Platinum futures contracts to be settled in January 2024 were trading on U.S. markets at 1,089 U.S. dollars per troy ounce on June 20, 2024. This is slightly above the price of 1,042 U.S. dollars per troy ounce for contracts to be settled in May 2024, indicating that platinum traders expect the price of platinum to increase a little over the next year. Platinum futures are contracts that effectively lock in a price for an amount of platinum to be purchased at a time in the future, which can then be traded on markets. Futures markets therefore provide an indicator of how investors think a commodities market will develop in the future.

After two years of decline, shipments abroad of platinum increased by 37% to 33 tons in 2023.

This statistic displays the average annual price of platinum worldwide by major currencies in 2013 and 2014. In 2013, the average price of platinum reached 4,695 Yen per gram. Platinum is one of the least reactive metals in the world and is highly resistant to corrosion. It is often used as a catalyst or as a precious metal.

On April 7, 2022, palladium prices rose to just under 1,000 U.S. dollars per ounce, up by some nine U.S. dollars day-over-day. This comes as Russia declared war in Ukraine, and G7 countries committed to economical sanctions on the country. Behind South Africa and the United Kingdom, Russia was the third largest exporter of platinum worldwide in 2019, with Moscow-based Norilsk Nickel ranking fifth among the leading platinum producing companies worldwide that same year. This market development comes in the midst of the automotive semiconductor shortage, while most platinum is used for autocatalyst.