Platinum Price Calculator
Price source: Spot price from Gold-API.com, with the front-month CME futures price (via Yahoo Finance) as a fallback. Prices are cached by our server and CDN, so they can lag the market by up to about an hour. How we check accuracy
How platinum is priced
Platinum is quoted in US dollars per troy ounce (31.1034768 g).
The LBMA Platinum Price is set twice each London business day in an auction run by the London Metal Exchange. CME platinum futures (PL) cover 50 troy ounces.
Platinum jewellery is usually 95% or 90% platinum, alloyed with other platinum-group metals.
Platinum jewellery grades
| Grade | Fineness | Where you see it |
|---|---|---|
| 950 Pt | 95% | Most common grade for rings in Europe and the US |
| 900 Pt | 90% | Common in Japan and in older US pieces |
| 850 Pt | 85% | Lowest hallmarked grade in the UK |
Metal value = weight × fineness × price per unit of pure metal.
Worked examples
- An 8 g ring stamped 950 Pt
- 8 g × 0.95 = 7.6 g = 0.2443 troy oz of platinum. At an illustrative $1,600/oz that is $390.95.
- A 1 oz platinum coin in grams
- 1 troy oz = 31.1035 g of platinum.
Prices in examples are illustrative; use the calculator above for the current price.
Common pitfalls
- Platinum and white gold look alike. White gold is a gold alloy, usually rhodium-plated, and should be valued with the gold calculator at its karat.
- Platinum trades in a thinner market than gold, so retail buy and sell spreads are wider.
- In the US, an item may be sold as "platinum" without qualification only at 950 or above (FTC Jewelry Guides).
Weights used for platinum
Precious metals are priced in troy ounces; everyday scales use avoirdupois ounces and pounds.
| Unit | Grams | Troy ounces |
|---|---|---|
| 1 gram | 1 | 0.03215 |
| 1 troy ounce | 31.1034768 | 1 |
| 1 ounce (avoirdupois) | 28.3495231 | 0.91146 |
| 1 tola | 11.6638038 | 0.375 |
| 1 pound (avoirdupois) | 453.59237 | 14.58333 |
| 1 kilogram | 1,000 | 32.15075 |
Frequently asked questions
What unit is platinum priced in?
US dollars per troy ounce. One troy ounce is 31.1034768 grams, about 9.7% more than the 28.35 g ounce used on kitchen scales. To get the price per gram, divide the ounce price by 31.1034768.
Why is a dealer's platinum price different from spot?
Spot is the wholesale price for large bars. Coins and small bars are sold with a premium that covers minting, distribution and the dealer's margin, and dealers buy back below spot. The calculator shows metal value at spot.
Sources
- NIST Handbook 44, Appendix C: General Tables of Units of Measurement — NIST
- LBMA precious metal prices (gold, silver, platinum, palladium) — London Bullion Market Association
- Platinum futures (PL) contract specifications — CME Group
- Guides for the Jewelry, Precious Metals, and Pewter Industries (16 CFR Part 23) — US Federal Trade Commission
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