Platinum Price in USD — The Global Benchmark
The platinum price in USD — quoted as XPT/USD — is the world's primary reference rate for platinum trading. It represents the cost of one troy ounce of pure platinum (999.5 fine) for immediate spot market delivery, settled in US Dollars. All other currency-denominated platinum prices — EUR, GBP, JPY — are derived from the USD spot rate at current exchange rates.
What is XPT/USD?
XPT/USD is the ISO market ticker for platinum priced in US Dollars. XPT is the ISO 4217 precious metal code for platinum, derived from its chemical symbol Pt (Latin: Platinum, from Spanish platina — "little silver"). It trades on COMEX — part of the CME Group in New York — and in the OTC spot market through the London Platinum and Palladium Market (LPPM), which publishes twice-daily USD reference prices used globally.
What moves the XPT/USD price?
- Diesel automotive demand: Platinum is the primary catalytic metal for diesel engine exhaust systems. European, Asian, and US diesel vehicle production data is a key daily price driver.
- South African mine supply: South Africa produces ~70% of global platinum. Eskom power outages, mine safety shutdowns, and labour disputes are recurring supply risks that spike the USD price.
- Hydrogen economy: Platinum is an irreplaceable catalyst in PEM fuel cells and water electrolysers. Growing US, EU, and Asian government investment in green hydrogen is a structural long-term demand driver for XPT/USD.
- Palladium substitution: When palladium trades at a large premium over platinum, automakers switch to platinum in petrol catalytic converters — creating demand surges that push XPT/USD higher.
- Glass and chemical manufacturing: Platinum-group catalysts are used in glass fibre, LCD display, and fertiliser production, providing a non-automotive industrial demand base.
- US Dollar index (DXY): As with all USD-priced commodities, a strengthening dollar suppresses XPT/USD; a weakening dollar supports it.
- Investment positioning: COMEX speculative futures, physical platinum ETPs, and BullionVault allocated account flows amplify short-term XPT/USD price moves.
Gold/platinum ratio
The gold/platinum ratio — calculated by dividing the XAU/USD price by XPT/USD — is a widely tracked relative value indicator. Historically, platinum commanded a premium to gold, with a ratio below 1.0 the norm through most of the 2000s. Since 2015 the ratio has inverted, with gold trading above platinum — a structural shift driven by the decline of diesel vehicles in Europe and platinum's loss of monetary appeal relative to gold. A high ratio (gold expensive relative to platinum) is often cited as a signal that platinum offers relative value. Use the related metals cards above to compare both live prices.
Platinum price in USD per gram and kilogram
- Per troy ounce: The global standard — shown live in the chart above.
- Per gram: Divide the USD/oz spot price by 31.1035. At $950/oz ≈ $30.54/g.
- Per kilogram: Multiply the gram price by 1,000. At $950/oz ≈ $30,540/kg.
Spot price vs. physical platinum in USD
The XPT/USD spot price is a wholesale market rate for professional settlement — not the retail price for physical metal. Physical platinum bars and coins carry a dealer premium of typically 3–8% above spot. In the United States, physical platinum may also be subject to state sales tax depending on the jurisdiction and product type. The price shown here excludes all premiums and taxes.