UK Platinum Prices & Comparison Directory

Q: Is platinum more expensive than gold?

Historically, platinum traded at a premium to gold. However, since around 2015, gold has been more expensive than platinum. This is largely due to reduced demand from diesel catalytic converters and a shift in investment preference toward gold. Platinum currently trades at roughly 50-60% of the gold price.

Quick Answer

The current platinum price in the UK is £47.69 per gram for 999 fine platinum. Standard jewellery platinum (950) is worth £45.31 per gram. The LPPM sets the official London platinum price twice daily. Like silver, platinum attracts 20% VAT in the UK. Prices updated daily at 9am from LBMA market data.

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What is the current platinum price in the UK?

Platinum per Gram

£47.69

999 fine platinum

Platinum per Ounce

£1,483

Troy ounce (31.1g)

Platinum per Kilo

£47,690

1,000 grams

Price as of 18 Feb 2026, 00:58 · Updated daily at 9am from LBMA market data

UK Platinum Price by Purity

•999 Fine Platinum: £47.69 per gram
•950 Jewellery Platinum: £45.31 per gram
•900 Platinum: £42.92 per gram
•850 Platinum: £40.54 per gram

How UK Platinum Prices Work

•LPPM sets the official London platinum fix twice daily
•Prices quoted in USD, converted to GBP at market rate
•Platinum attracts 20% VAT in the UK (gold is VAT-exempt)
•Industrial demand (catalytic converters) drives ~40% of use
•Scrap platinum typically sells at 70-85% of spot price

Is platinum more expensive than gold?

Platinum Price

£47.69/g

£1,483/oz

Gold Price

£115.68/g

£3,598/oz

Platinum is currently trading at 41% of the gold price. Historically, platinum traded at a premium to gold until around 2015.

For most of history, platinum traded at a premium to gold due to its extreme rarity — platinum is approximately 30 times rarer than gold in the earth's crust. However, since around 2015, gold has consistently been more expensive. This price flip is driven by several factors: declining diesel vehicle sales (which use platinum catalytic converters), massive central bank gold purchases, and a shift in investment preference toward gold ETFs. Some investors view this discount as an opportunity, arguing that platinum is undervalued relative to its rarity.

What is platinum used for?

Automotive (~40%)

Catalytic converters are the single largest use of platinum. While diesel vehicles are declining, platinum is also used in:

• Diesel catalytic converters
• Hydrogen fuel cell vehicles
• Exhaust sensor technology

Jewellery (~30%)

Platinum is prized for jewellery due to its durability, hypoallergenic properties, and distinctive lustre:

• Engagement rings (standard is 950 purity)
• Wedding bands
• High-end watchmaking

Industrial (~30%)

Platinum's unique chemical properties make it essential in many industrial processes:

• Chemical processing catalysts
• Glass manufacturing equipment
• Medical devices and implants
• Hydrogen electrolysers (growing)

Important: VAT on Platinum in the UK

Like silver, platinum bullion is subject to 20% VAT on purchases in the UK. This applies to platinum bars, coins, and rounds. Investment gold is the only precious metal exempt from VAT in the UK. The VAT adds a significant premium to the spot price when buying physical platinum.

Platinum bar example

1oz bar at £1,483 spot + £297 VAT = £1,780 total

Ways to reduce VAT impact

Platinum ETFs, allocated accounts, and storage programmes outside the UK can avoid VAT

Why is platinum cheaper than gold?

Demand factors

• Diesel vehicle bans in Europe have reduced catalytic converter demand
• Gold benefits from massive central bank purchasing (1,200+ tonnes in 2025)
• Gold ETF inflows far exceed platinum investment demand
• Gold is seen as the primary safe-haven asset during economic uncertainty

Supply factors

• 70%+ of platinum comes from South Africa, creating concentration risk
• Recycling from catalytic converters supplements mine supply
• Annual mine production is only ~6 million ounces (vs 3,600 tonnes for gold)
• Hydrogen fuel cell demand is growing but not yet significant enough to close the gap

How are UK platinum prices determined?

Your complete guide to platinum valuation, market factors, and purity standards

What affects platinum prices?

Platinum prices are driven by industrial demand, auto sector trends, and investment flows:

Automotive Demand

Catalytic converters and fuel cells drive ~40% of demand

South African Supply

70%+ of production from SA; strikes and power cuts affect supply

Green Hydrogen

Growing demand from hydrogen fuel cells and electrolysers

Platinum price types

Different prices for different purposes:

Spot Price100%

Market price for immediate delivery

Scrap Price70-85%

What dealers pay for your platinum

Retail Price120-140%

Includes dealer premium + 20% VAT

Platinum Purity Guide

UK hallmark standards and value:

999 Fine Platinum99.9%

950 Jewellery95.0%

900 Platinum90.0%

850 Platinum85.0%

Pro tip: The orb hallmark symbol indicates platinum in the UK. 950 is the standard for engagement rings.

Quick Reference

VAT on Platinum

20% VAT applies to platinum bullion in the UK

Jewellery Standard

950 platinum is the standard for UK jewellery

Capital Gains

Platinum is subject to CGT on disposal (no exemptions)

Is platinum a good investment in the UK?

Arguments for platinum

• 30 times rarer than gold in the earth's crust
• Trading at a historic discount to gold — potential for reversion
• Growing demand from hydrogen economy and green technology
• Essential in catalytic converters for emission standards

Challenges for UK investors

• 20% VAT on physical platinum (gold is VAT-exempt)
• No CGT exemption (unlike gold Sovereigns and Britannias)
• Concentrated supply from South Africa creates geopolitical risk
• Has underperformed gold significantly since 2015

FCA Disclaimer: This information is for educational purposes only and does not constitute financial advice. The value of investments can go down as well as up. Consider seeking independent financial advice before investing in precious metals.

2026 Platinum Market Key Facts

•~40% of platinum demand comes from catalytic converters
•70%+ of mine supply comes from South Africa
•Annual mine production is approximately 6 million ounces
•Platinum currently trades at 41% of the gold price
•Hydrogen fuel cell demand is growing 20%+ annually

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Summary: UK Platinum Prices

UK platinum prices are set by the LPPM twice daily and quoted in GBP per gram. 999 fine platinum is currently £47.69 per gram, with 950 jewellery platinum at £45.31 per gram. Unlike gold, platinum attracts 20% VAT on physical purchases in the UK. Platinum is currently cheaper than gold despite being 30 times rarer, driven by declining diesel demand and lower investment flows.

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Frequently Asked Questions About Platinum Prices

What is the current platinum price per gram in the UK?

The current platinum price is £47.69 per gram for 999 fine platinum and £45.31 per gram for standard 950 jewellery platinum. Prices are updated daily from LBMA market data.

Is platinum more expensive than gold?

No, not currently. Historically, platinum traded at a premium to gold, but since around 2015 gold has been more expensive. Platinum currently trades at roughly 41% of the gold price. This is largely due to reduced demand from diesel catalytic converters and a shift in investment preference toward gold.

Why is platinum cheaper than gold?

Platinum is cheaper than gold due to declining diesel vehicle sales (which use platinum catalytic converters), lower investment demand, and gold benefiting from massive central bank buying. Despite being 30 times rarer than gold in the earth's crust, platinum's price is driven more by industrial demand than investment sentiment.

Is VAT charged on platinum in the UK?

Yes. Like silver, platinum bullion is subject to 20% VAT in the UK. This applies to platinum bars, coins, and jewellery. Investment gold is the only precious metal exempt from VAT. Some investors use allocated storage abroad or platinum ETFs to avoid VAT.

What is 950 platinum?

950 platinum is an alloy containing 95% pure platinum and 5% other metals (usually ruthenium, cobalt, or iridium). It is the standard purity for platinum jewellery in the UK and is hallmarked "950". Fine platinum (999) is used mainly for bullion bars and coins.

Is platinum a good investment in the UK?

Platinum has potential as an investment due to its rarity and growing demand from hydrogen fuel cells and green technology. However, it carries 20% VAT on physical purchases, no CGT exemptions (unlike gold Sovereigns), and has underperformed gold in recent years. As with any investment, platinum carries risk and past performance does not guarantee future returns.