Platinum Price Per Ounce Today

The platinum spot price per ounce is quoted as XPT/USD and represents the cost of one troy ounce (31.1035 grams) of platinum for immediate settlement. The troy ounce has been the standard unit of measure for precious metals trading since the Middle Ages and remains the basis for all major platinum benchmarks, futures contracts, and physical product pricing worldwide.

COMEX platinum futures, traded under the symbol PL on the CME Group exchange, are the primary price discovery mechanism for platinum in North America. Each contract represents 50 troy ounces of platinum, with delivery months in January, April, July, and October. The LPPM (London Platinum and Palladium Market) conducts twice-daily benchmark auctions that set the reference price used by miners, refiners, and industrial consumers globally.

Physical platinum investment products are denominated in troy ounces. The American Platinum Eagle, issued by the U.S. Mint, contains exactly one troy ounce of .9995 fine platinum and carries a face value of $100. Other popular one-ounce platinum coins include the Canadian Platinum Maple Leaf, the Australian Platinum Platypus, and the British Platinum Britannia. These sovereign-minted coins trade at a premium over the spot price, typically ranging from 3% to 8% depending on the product and market conditions, reflecting minting costs, dealer margins, and collector demand.

The spread between the spot price and the retail premium is an important consideration for platinum investors. Platinum generally carries higher premiums than gold due to lower production volumes, fewer minting programs, and a smaller dealer network. During periods of strong physical demand or supply disruption, premiums can expand significantly above their normal range.