- Platinum price stands at $2,029.36 per troy ounce on the SMM China-domestic benchmark
- SMM domestic gram price rises roughly 10% this cycle
- South Africa accounts for approximately 80% of global mine production
- Automotive catalytic converters remain the dominant end-use
- WPIC projects a fourth consecutive annual global supply deficit
- Weight and currency conversion tables included for procurement teams
Last Updated: 4 September 2026
The platinum price stands at $2,029.36 per troy ounce ($65.24 per gram) on the SMM China-domestic benchmark as of 4 September 2026, up from $59.30/gram in August — a rise of roughly 10.0%. This page now tracks the SMM domestic benchmark as its primary reference; a Trading Economics/NYMEX-derived figure used in prior cycles was not refreshed this month and has been left out rather than carried forward.
Current Platinum Price
The table below shows the current SMM (Shanghai Metals Market) China-domestic platinum benchmark. Platinum is also traded internationally on the New York Mercantile Exchange (NYMEX) in contracts of 50 troy ounces, with additional price discovery on the Tokyo Commodity Exchange (TOCOM) and the London Bullion Market, though that international benchmark was not refreshed this cycle.
| Benchmark | Price | Unit | Change | Date |
|---|---|---|---|---|
| SMM China Platinum (domestic) | $2,029.36 | USD/troy oz | +1.84% (day) | 4 Sep 2026 |
| SMM China Platinum (equivalent) | $65.24 | USD/gram | +10.0% (month) | 4 Sep 2026 |
The SMM domestic figure firmed notably this cycle. For contract pricing, consult the New York Mercantile Exchange or SMM directly.
Platinum Price Per Gram, Per Ounce and Per Pound
The table below converts the current SMM domestic benchmark from the standard per-troy-ounce reading into the units most commonly used by smaller buyers, jewellery manufacturers, and industrial procurement teams.
| Unit | Platinum Price (USD) | Notes |
|---|---|---|
| Per troy ounce | $2,029.36 | SMM China-domestic benchmark, Sep 2026 |
| Per kilogram | $65,241.13 | Calculated: troy oz ÷ 0.0311035 |
| Per gram | $65.24 | Calculated from per-kg rate |
| Per pound (lb) | $29,589.75 | 1 lb = 453.6g |
Prices are indicative and updated monthly. For contract pricing, consult the New York Mercantile Exchange or SMM directly.
Platinum Price History
The platinum price reached an all-time high of $2,923.70 per troy ounce in January 2026, driven by a combination of South African production disruptions, declining Russian export availability following sanctions, and accelerating automotive demand from the hybrid vehicle sector. This cycle’s SMM domestic reading of $2,029.36/oz remains below that peak but continues to firm, extending the recovery seen in prior updates.
Platinum Price in USD, EUR, GBP and Other Currencies
Critical minerals prices are benchmarked in USD on international exchanges, but platinum is sourced, processed, and traded across multiple currency zones. South African producers sell in ZAR; European automotive OEMs procure in EUR; Japanese industrial buyers transact in JPY. The table below converts the current SMM domestic benchmark into the six currencies most relevant to CMN’s readership.
| Currency | Platinum Price (per troy oz) | Exchange Rate (vs USD) |
|---|---|---|
| USD (benchmark) | $2,029.36 | — |
| EUR | €1,747.10 | 1 USD = 0.86092 EUR |
| GBP | £1,501.53 | 1 USD = 0.73985 GBP |
| JPY | ¥317,048 | 1 USD = 156.23 JPY |
| CNY | ¥13,625.15 | 1 USD = 6.713 CNY |
| AUD | A$2,816.98 | 1 USD = 1.3881 AUD |
Exchange rates: XE.com, September 2026. CNY figures reflect the USD/CNY mid-market rate and may differ from the native SMM RMB quote, which incorporates VAT.
What Drives the Platinum Price?
The platinum price is shaped by a concentrated set of supply and demand variables that distinguish it from broader commodity markets.
Supply Concentration
South Africa accounts for approximately 80% of global platinum mine production, according to USGS, with Russia and North America as secondary contributors. South African output is constrained by aging underground mines, high energy costs linked to Eskom power reliability, and rising labour costs. Russian supply faces ongoing sanctions-related disruptions affecting Norilsk Nickel’s export logistics, removing a meaningful volume from Western market availability. This geographic and geopolitical concentration means the platinum price is acutely sensitive to disruptions in a small number of producing regions.
Automotive Demand
Catalytic converters for petrol and hybrid internal combustion engines remain the dominant end-use for platinum, accounting for roughly 40% of annual demand. The initial threat from battery electric vehicle growth has moderated: hybrid vehicle sales have expanded substantially, sustaining autocatalyst demand through the transition period. Stricter emissions standards in Europe, China, and India have simultaneously increased the platinum loading per vehicle required to meet regulatory thresholds.
Industrial and Investment Demand
Beyond automotive, platinum is used in petroleum refining catalysts, the chemical industry, electrical contacts, glass manufacturing, and — increasingly — as a component in hydrogen fuel cell membranes and electrolysers. Investment demand through exchange-traded funds (ETFs) and physical bars adds a financial overlay to the price. The World Platinum Investment Council (WPIC) tracks these flows and publishes quarterly supply-demand balances.
Macro Drivers
As a precious metal, platinum is sensitive to real interest rates, the US dollar, and broader risk sentiment. Oil price direction and central bank policy remain significant indirect drivers of the platinum price, alongside the broader precious-metals complex that includes gold, silver, and palladium.
Platinum Supply Deficit and Market Outlook
The World Platinum Investment Council projects a fourth consecutive annual global supply deficit for platinum in 2026. Deficits of this duration — sustained across multiple years — typically draw down above-ground stocks, progressively tightening the physical market and providing structural support for prices even during periods of macroeconomic weakness. This cycle’s firmer SMM domestic reading is consistent with that structural deficit thesis, though a single month’s Chinese domestic pricing is not sufficient on its own to confirm the international market balance.
The WPIC forecasts point to continued constraints on South African and Russian supply alongside recovering industrial demand, particularly from the hydrogen economy. Platinum’s role as a catalyst in electrolysers used to produce green hydrogen has attracted growing attention from policy makers and project developers, though commercial-scale demand from this sector remains limited relative to autocatalyst volumes in 2026.
Risks to the outlook include a sharper-than-expected slowdown in global automotive production, a faster transition to pure battery electric vehicles that reduces hybrid vehicle volumes, and any resolution of South African energy supply issues that increases mine output. On the upside, an acceleration of fuel cell vehicle deployment in Japan, Korea, and China — each actively subsidising hydrogen infrastructure — could add a demand vector not fully captured in consensus forecasts.
For broader context on critical minerals supply chain risks and the role of platinum group metals in defence and advanced manufacturing applications, see our coverage in the Supply Chain section.
This article is for informational purposes only and does not constitute investment advice. Prices are subject to change without notice.
What is the current platinum price?
As of 16 June 2026, the platinum price is $1,809.00 per troy ounce on the international OTC/NYMEX market, according to Trading Economics. The Shanghai Metals Market quotes the China domestic platinum price at $56.28 per gram (VAT-deducted). See the price tables above for the latest figures, which are updated monthly.
What is the platinum price per gram?
Based on a spot price of $1,809.00 per troy ounce, the platinum price per gram works out to approximately $58.16. The SMM domestic Chinese market separately quotes platinum at $56.28 per gram, which reflects VAT treatment and local market conditions and is not directly comparable to the international benchmark.
Why is the platinum price rising in 2026?
The platinum price reached an all-time high of $2,923.70 per troy ounce in January 2026, driven by a fourth consecutive annual supply deficit projected by the World Platinum Investment Council, ongoing production constraints in South Africa and Russia, and sustained autocatalyst demand from hybrid vehicle growth. The June 2026 rebound from a six-month low was specifically triggered by a tentative US-Iran peace agreement that reduced oil price and inflation expectations, easing pressure on interest rates.
Who produces the most platinum?
South Africa accounts for approximately 80% of global platinum mine production, making it the overwhelmingly dominant producer. Russia is the second-largest producer, primarily through Norilsk Nickel. North America — principally through operations in Montana and Ontario — contributes a smaller but strategically significant share. This concentration in two geopolitically sensitive jurisdictions is a primary structural risk factor for the platinum price.
What is platinum used for?
Platinum’s primary use is in catalytic converters for petrol and hybrid internal combustion engine vehicles, accounting for roughly 40% of annual demand. It is also used extensively in petroleum refining catalysts, the chemical and glass industries, electrical components, jewellery, and — increasingly — as a catalyst in hydrogen fuel cell membranes and electrolysers for green hydrogen production.
What is the platinum price forecast?
Trading Economics forecasts the platinum price at approximately $1,727 per troy ounce by the end of Q2 2026, rising to approximately $2,053 over a 12-month horizon, based on macro model projections. The World Platinum Investment Council’s structural deficit outlook supports a longer-term constructive view, though near-term prices remain sensitive to macro conditions, oil price direction, and automotive production volumes. These are model-derived estimates, not guaranteed outcomes.
How does the platinum price compare to gold?
As of June 2026, platinum trades at approximately $1,809 per troy ounce compared to gold at approximately $4,318 per troy ounce — meaning platinum is priced at a significant discount to gold, an unusual historical relationship. Platinum traded at a premium to gold for most of the twentieth century, reflecting its greater industrial scarcity. The current inversion reflects both gold’s elevated safe-haven premium and the structural demand uncertainties that weighed on platinum through the electric vehicle transition period.
