Platinum Price Today in USD | Platinum Spot Price & Chart | KITCO
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Platinum price per ounce 945.00 -11.00
Platinum price per kilo 30,382.46 -353.66
Platinum price in tael (HK) 1,148.44 -13.37
5 Years 31.00 3.39%
Since 2000 505.00 114.77%
The spot platinum prices refers to the price of the precious metals for immediate delivery. Transactions for bullion coins are almost always priced using the spot price as a basis. The spot market is trading very close to 24 hours a day as there is almost always a location somewhere in the world that is actively taking orders. New York, London, Sydney, Hong Kong, Tokyo, and Zurich are where most of the trading activity takes place. Whenever bullion dealers in any of these cities are active, we indicate this on our website with the message “Spot Market is Open”. For the high and low values, we are showing the lowest bid and the highest ask of the day.
PLATINUM PRICES - FUTURES MARKET
There is usually a difference between the spot price of platinum and the future contract prices. The future price, which we also display on this page, is used for futures contracts and represents the price to be paid on the date of a delivery of platinum in the future. In normal markets, the futures price for platinum is higher than the spot. The difference is determined by the number of days to the delivery contract date, prevailing interest rates, and the strength of the market demand for immediate physical delivery. The difference between the spot price and the future price, when expressed as an annual percentage rate is known as the “forward rate”.
This is the change in the price of the platinum from the previous close, which is not necessarily the previous day. Weekdays from 6:00 PM NY time until midnight the previous close is from the current day. Here’s why: The time the market stops trading in New York on weekdays is for a 60 min period, from 5:00 PM New York time until 6:00 PM. We use the last quote at 5:00 PM as the close of that given day. Change is always the difference between the current price and the price at 5:00pm. For example: Platinum last traded at $1,000 at 5:00 PM on January 17. If it is January 17 at 6:30 PM and the price is $1,002, we will show a change of +2.00. If it is January 18 at 5:00 PM and platinum is quoted at $1,025 then we would show a change of +25.00 at that time.
The spot price for platinum is determined from trading activity on Over-The-Counter (OTC) decentralized markets. An OTC is not a formal exchange and prices are negotiated directly between participants with most of the transaction taking place electronically. Although these aren’t regulated, financial institutions play an important role, acting as market makers, providing a bid and ask price in the spot market.
I'VE HEARD THAT PLATINUM IS TRADED 24/7 – IS THAT TRUE? IS THERE AN OPEN AND A CLOSE?
One troy ounce of platinum is the same around the world and for larger transaction are usually priced in U.S. dollars as that is the most active market; however, the value of an ounce of platinum can be higher or lower based on the value of a nation’s currency. Traditionally, currencies that are stronger than the U.S. dollar have a lower value; however, currencies that are lower than the U.S. dollar have a higher prices. While platinum are mostly quoted in ounces per U.S. dollar, OTC markets in other countries also offer other weight options.
Over recent years, low demand for diesel vehicles – platinum is the main metal used in diesel catalytic converters -- has reduced demand for platinum, at the same time annual supply has been relatively stable.
WHAT ARE THE MOST POPULAR PLATINUM COINS?
Unlike gold and silver, platinum doesn’t have significant physical markets. Only a few mints make platinum coins. Both the U.S. Mint and the Royal Canadian Mint produce platinum coins. In 2019 the U.S. Mint only produced 40,000 platinum coins.