Why is platinum cheaper than gold?

Despite being rarer, platinum is currently cheaper than gold due to reduced industrial demand (especially from the auto sector as electric vehicles don't use catalytic converters), lower investment demand compared to gold, and oversupply from South African mines. The price gap has widened since 2014.

Current Platinum Price Per Gram UK

£47.69

999 fine platinum per gram

Updated: 18 February 2026 at 00:58

Platinum Price Per Gram Today — Live UK Rates

Q: What is the platinum price per gram today?

Fine (999) platinum is currently £47.69 per gram in the UK. Standard (950) jewellery-grade platinum is £45.31 per gram.

Q: Is platinum more expensive than gold per gram?

No. Gold is currently £67.99 more per gram than platinum. Gold is £115.68/g vs platinum at £47.69/g — a gold-to-platinum ratio of 2.43. Historically platinum traded above gold until 2014.

Q: What purity is platinum jewellery?

Platinum jewellery in the UK is almost exclusively 950 purity (95% platinum). This is much higher than typical gold jewellery — 18ct gold is only 75% pure. The 5% alloy in 950 platinum is usually ruthenium or cobalt, added for hardness.

Q: How is the platinum price set?

The global platinum price is set by the LPPM (London Platinum and Palladium Market) in US dollars per troy ounce, twice daily. It is then converted to GBP using current exchange rates and divided by 31.1035 to give the price per gram.

Today's platinum price per gram: £45.31 (950 standard), £47.69 (999 fine). Currently £67.99/g cheaper than gold.

Platinum Calculator Find Platinum Dealers

Platinum vs Gold — Live Price Comparison

Gold Per Gram

£115.68

24ct / 999

Platinum Per Gram

£47.69

999 fine

Gold:Platinum Ratio

2.43:1

Platinum £67.99/g cheaper

Platinum Price Per Gram, Ounce & Kilo — All Purities

Live market rates updated daily

Purity	Hallmark	Per Gram	Per 10 g	Per Troy Oz	Per 100 g	Per Kilo
Fine Platinum	999	£47.64	£476.42	£1,481.84	£4,764.23	£47,642
Standard Platinum	950	£45.31	£453.05	£1,409.16	£4,530.55	£45,306
900 Platinum	900	£42.92	£429.21	£1,334.99	£4,292.10	£42,921
850 Platinum	850	£40.54	£405.36	£1,260.83	£4,053.65	£40,537

999 Platinum

£47.64

per gram

950 Platinum

£45.31

per gram

900 Platinum

£42.92

per gram

850 Platinum

£40.54

per gram

What Is the Platinum Price Per Gram Today?

Fine (999) platinum is currently £47.69 per gram in the UK. This is derived from the international spot price of £1,483.44 per troy ounce, divided by 31.1035 grams.

For jewellery-grade 950 platinum, the price per gram is £45.31, adjusted for the 95% platinum content.

Is Platinum More Expensive Than Gold Per Gram?

No — gold is currently more expensive. Gold trades at £115.68 per gram compared to platinum at £47.69 per gram — a difference of £67.99 per gram.

The gold-to-platinum ratio is currently 2.43:1, meaning you could buy 2.43 grams of platinum for every gram of gold. Historically, platinum traded above gold until 2014. The shift was driven by:

Reduced auto demand: Electric vehicles don't use catalytic converters, removing a major source of platinum demand (~40% of total).
Investment preference for gold: Gold ETFs and central bank purchases have surged, while platinum investment remains niche.
South African supply: ~70% of global platinum comes from South Africa, and oversupply has pressured prices.

Some analysts view the current discount as a buying opportunity, as platinum is 30× rarer than gold in the Earth's crust.

What Purity Is Platinum Jewellery?

Almost all platinum jewellery sold in the UK is 950 purity (95% platinum). This is significantly higher than typical gold jewellery — 18ct gold is only 75% pure, and 9ct gold is just 37.5%.

The remaining 5% alloy in 950 platinum is usually ruthenium or cobalt, added for hardness and workability. Unlike gold, where multiple purities are common (9ct through 24ct), platinum jewellery in the UK is almost exclusively 950.

How Is the Platinum Price Set?

The global platinum price is determined by the LPPM (London Platinum and Palladium Market), which conducts two daily electronic auctions:

Morning fix: 9:45 AM London time
Afternoon fix: 2:00 PM London time

The fix price is set in US dollars per troy ounce, then converted to local currencies. The UK price in GBP therefore depends on both the dollar platinum price and the GBP/USD exchange rate.

Weight Conversion: Grams to Troy Ounces

Grams	Troy Ounces	999 Platinum Value
1 g	0.0322 oz t	£47.64
5 g	0.1608 oz t	£238.21
10 g	0.3215 oz t	£476.42
20 g	0.6430 oz t	£952.85
50 g	1.6075 oz t	£2,382.12
100 g	3.2151 oz t	£4,764
500 g	16.0754 oz t	£23,821
1000 g	32.1507 oz t	£47,642

Platinum Price Per Gram UK — FAQ

What is the platinum price per gram today?

Fine (999) platinum is £47.69 per gram. Jewellery-grade 950 platinum is £45.31 per gram.

Is platinum more expensive than gold per gram?

No. Gold is currently £67.99 more per gram than platinum (gold: £115.68/g, platinum: £47.69/g). The gold-to-platinum ratio is 2.43:1.

How many grams are in a troy ounce of platinum?

There are 31.1035 grams in one troy ounce. At current prices, one troy ounce of fine platinum is worth £1,483.44.

Is VAT charged on platinum in the UK?

VAT (20%) is charged when purchasing platinum bullion, unlike gold which is VAT-exempt for investment products. When selling platinum, you receive the full agreed price with no VAT deduction.

Why is platinum rarer but cheaper than gold?

Despite being ~30× rarer than gold in the Earth's crust, platinum is cheaper due to lower investment demand, reduced industrial use (fewer catalytic converters as EVs grow), and concentrated supply from South Africa. Price is driven by demand, not just rarity.