What platinum is used for
Platinum is rare and comes mostly from one country: South Africa mined about 120 of the world’s 170 tonnes in 2025. Unlike gold, most platinum is put to work, cleaning exhaust gases, making glass and speeding up chemical reactions.
- Cars and trucks2,904 koz (41%)Catalytic converters that clean exhaust, including in hybrids. Expected to slip 4% as fewer petrol and diesel-only vehicles are built.
- Industry2,385 koz (34%)Glass making, chemical and oil-refining catalysts, electronics, medical devices and hydrogen equipment. Expected to grow 5%.
- Jewelry1,883 koz (27%)Expected to fall 15% as high prices and weak spending weigh on buyers in China.
- Investment−83 kozInvestors are expected to sell slightly more than they buy in 2026, mostly from funds (ETFs).
Thousands of troy ounces (koz) forecast for 2026, as a share of total demand of 7,089 koz. Source: World Platinum Investment Council, Platinum Quarterly Q2 2026, September 2026. Mine output: USGS.
The council expects a small surplus in 2026 after three years of large deficits, and says stocks of metal above ground remain critically low.
Why people buy platinum
- It’s scarce. World mine output was about 170 tonnes in 2025.
- Supply is concentrated. With about 70% of mined platinum coming from South Africa, problems at mines there can move the price.
- It is tied to industry. Its price follows car making and industrial demand, which some buyers want alongside gold and silver.
- It isn’t anyone’s promise. Like gold, a bar you hold doesn’t depend on a bank or broker.
Things to weigh first
- A smaller market. Fewer dealers buy platinum than gold, and the gap between buying and selling prices can be wider.
- It depends on cars. Fully electric cars don’t need catalytic converters, so automotive demand could shrink as they spread.
- The price swings. Platinum can fall sharply and stay down for years.
- Buying and selling has a cost. Bullion sells for more than spot and dealers buy it back for less.
- Taxes. In the US, gains on physical platinum are generally taxed as collectibles, at a top federal rate of 28% for metal held more than a year. Ask a tax adviser about your own situation.
Questions about the platinum price
What is the spot price of platinum?
It’s the price of one troy ounce of platinum for immediate delivery in the wholesale market, quoted in US dollars. Bars sell for more than spot to cover refining, minting, shipping and dealing.
Why can platinum cost less than gold when it’s rarer?
Its price depends heavily on industry, above all car making, rather than on savers and central banks. When industrial demand is weak, platinum can trade below gold.
What do bid and ask mean?
The bid is the highest price wholesale buyers are offering right now. The ask is the lowest price sellers will accept. The gap between them is the spread. The large price on this page is the mid-market price, halfway between the two.
How many grams are in a troy ounce?
A troy ounce is 31.1035 grams, and a kilo is 32.15 troy ounces. Precious metals are weighed in troy ounces, which are about 10% heavier than the 28.35-gram ounce used for food.
When does the market trade?
Almost around the clock on weekdays, from Sunday evening to Friday evening US Eastern time, as trading passes between Asia, London and New York. Prices stand still over the weekend, and this page says when markets are closed.
How often does this page update?
Every 15 seconds while you have it open. The chart is drawn from prices EA Bullion has recorded itself, so the longer ranges fill in over time.
Sources
- World Platinum Investment Council, Platinum market surplus of 265 koz forecast for 2026, press release, September 2026.
- Miningmx, Platinum deficit beckons in second half as ETF selling eases, September 2026.
- US Geological Survey, Mineral Commodity Summaries 2026: Platinum-group metals, February 2026.
- IRS, Topic no. 409: Capital gains and losses.
This page is general information, not investment, tax or legal advice. Spot prices are indicative wholesale prices. Products cost more than spot, and the price you pay is shown in the shop and fixed when you lock your order.