XAU
---.--
--.--
•
XAG
---.--
--.--
•
XPT
---.--
--.--
•
XPD
---.--
--.--
•
HG
---.--
--.--
•
ALI
---.--
--.--
•
NI
---.--
--.--
•
ZN
---.--
--.--
•
XAU
---.--
--.--
•
XAG
---.--
--.--
•
XPT
---.--
--.--
•
XPD
---.--
--.--
•
HG
---.--
--.--
•
ALI
---.--
--.--
•
NI
---.--
--.--
•
ZN
---.--
--.--
•
Platinum

Platinum Price History

Trace platinum's dramatic journey from the diesel-era boom and its 2008 all-time high of $2,290 through the Dieselgate scandal, the Eskom power crisis, and the emerging hydrogen economy.

Interactive Chart

Price Chart

24h Change

24h Range

Bid / Ask

All-Time High

Platinum Price Through the Decades

Platinum's price history is uniquely tied to the automotive industry, particularly diesel engines that rely on platinum-based catalytic converters to reduce harmful emissions. Unlike gold and silver, platinum is not primarily a monetary metal. Its value is driven by industrial demand, mine supply concentrated in just two countries (South Africa and Russia), and shifting regulatory and technological trends. This concentration of supply and demand makes platinum one of the most volatile precious metals.

The defining moment in platinum's price history was its all-time high above $2,200 per ounce in March 2008. This peak was fueled by a perfect storm of surging European diesel vehicle adoption, severe electricity shortages from South Africa's Eskom utility that forced mine shutdowns, and strong speculative investment flows. At that time, platinum commanded a substantial premium over gold, a relationship that has since completely inverted.

The Volkswagen diesel emissions scandal in September 2015 marked a structural turning point for platinum demand. As European governments accelerated bans on diesel vehicles and consumers shifted to gasoline and electric alternatives, platinum's largest demand driver entered a long-term decline. The resulting drop in autocatalyst consumption pushed platinum into a persistent discount to gold that continues to this day.

Historically, platinum has experienced dramatic supply disruptions from South Africa, including the 2008 Eskom power crisis, the 2012 Marikana labor unrest, and recurring strikes that have periodically constrained global output. With roughly 70% of world supply originating from the Bushveld Complex, any disruption to South African mining operations has an outsized impact on global platinum availability and pricing.

  • 2001-2007 - Diesel Boom Era – European diesel adoption surges as governments promote diesel engines for fuel efficiency and lower CO2 emissions. Platinum demand for diesel catalytic converters skyrockets, pushing prices from around $430/oz to over $1,500/oz.
  • 2008 - All-Time High at $2,290 – Platinum reaches its all-time high of approximately $2,290 per ounce in March 2008, fueled by diesel demand, South African power shortages from Eskom, and speculative investment. At this point, platinum traded at a significant premium to gold.
  • 2008 - Financial Crisis Crash to $750 – The global financial crisis sends platinum crashing from $2,290 to roughly $750 per ounce in just eight months, a staggering 67% decline. Industrial demand evaporates as automakers slash production and the global economy contracts.
  • 2015 - Dieselgate Scandal – Volkswagen's emissions cheating scandal in September 2015 triggers a structural shift away from diesel vehicles across Europe. Platinum loses its primary demand driver as governments announce diesel bans and consumers switch to gasoline and electric vehicles.
  • 2021 - Hydrogen Hype Spike – Platinum briefly rallies above $1,300/oz as markets price in growing demand for platinum-loaded proton exchange membrane (PEM) electrolyzers used in green hydrogen production. South African supply disruptions add upward pressure.
  • 2024-2026 - Recovery and Hydrogen Potential – Platinum begins a gradual recovery as the hydrogen economy moves from concept to deployment. Persistent supply deficits from South Africa, where aging mines and Eskom power rationing constrain output, support higher prices alongside emerging fuel cell and electrolyzer demand.

Data provided by MetalCharts, a free precious metals tracking platform offering real-time prices, interactive charts, historical data, and portfolio tools for gold, silver, platinum, palladium, and copper. Prices sourced from major global exchanges including COMEX, LBMA, and LME, updated every minute during market hours.

Buy Platinum Online

Browse trusted dealers, compare prices on coins and bars, and buy with confidence.

Where to Buy Platinum

Quick Links

Platinum Live ChartPlatinum ATHPlatinum Price Per OunceGold Price HistorySilver Price HistoryWhere to Buy Platinum

Frequently Asked Questions

What was the highest platinum price ever?
Platinum's all-time high was approximately $2,290 per troy ounce, reached in March 2008. This peak was driven by a perfect storm of surging diesel vehicle demand in Europe, severe electricity shortages from South Africa's Eskom utility that threatened mine output, and speculative investment flows. At this price, platinum traded at a significant premium to gold, a relationship that has since inverted, with gold now trading well above platinum.
Why did platinum crash in 2008?
Platinum crashed from its all-time high of $2,290 to approximately $750 per ounce during the 2008 global financial crisis, a 67% decline. The crash was driven by a near-total collapse in automotive demand as car sales plummeted worldwide, a broader commodity sell-off as hedge funds liquidated positions to meet margin calls, and the evaporation of speculative investment. Platinum's heavy dependence on industrial demand (roughly 60% from auto catalysts) made it far more vulnerable than gold during the recession.
What was the platinum price 10 years ago?
In 2016, platinum traded in the range of approximately $820 to $1,100 per ounce. The metal was still reeling from the fallout of the Volkswagen Dieselgate scandal in late 2015, which dealt a structural blow to diesel vehicle demand in Europe, platinum's largest end-use market. Combined with a strong U.S. dollar and weak commodity sentiment, platinum remained depressed throughout much of the mid-2010s.
Will platinum prices recover?
Many analysts see long-term upside for platinum driven by three factors: persistent supply deficits as South African mines age and face ongoing power constraints from Eskom; growing demand from the hydrogen economy, where platinum is used in PEM electrolyzers and fuel cells; and platinum's deep discount to gold, which historically tends to narrow over time. However, the decline of diesel vehicles and competition from palladium and rhodium in gasoline catalysts remain headwinds. The pace of hydrogen infrastructure buildout will likely determine whether platinum experiences a sustained recovery.