Platinum Price Per Gram Today

Platinum trades on COMEX and the London Platinum and Palladium Market (LPPM) in US dollars per troy ounce. A troy ounce equals 31.1035 grams — about 10% heavier than a standard (avoirdupois) ounce of 28.3495 grams. When you see a quoted platinum spot price, divide by 31.1035 to get the per-gram price. This page does that math automatically and updates every 60 seconds.

Platinum is one of the rarest precious metals, with annual mine production of only about 190 metric tonnes compared to gold's 3,000+ tonnes. South Africa produces roughly 70% of the world's platinum, making supply particularly sensitive to labor disputes, power outages, and policy changes in that country. The price reflects both investment demand and substantial industrial use in catalytic converters, fuel cells, and chemical processing.

Common Platinum Purities

Unlike gold, which uses the karat system, platinum purity is expressed as a decimal or parts per thousand. .999 fine is the standard for bullion coins and bars — including the American Platinum Eagle and Canadian Platinum Maple Leaf. .950 is the most common purity for platinum jewelry, especially engagement rings and wedding bands. This means 95% of the metal is pure platinum, with the remaining 5% consisting of cobalt, iridium, or ruthenium for hardness.

.900 platinum appears in some older jewelry and certain industrial applications. .850 is found in some European platinum jewelry. .800 exists in vintage pieces. .585 is rare but appears in some mixed alloy items. When selling platinum, always determine the purity first — a .950 ring is worth about 5% less per gram than a .999 bar.

Platinum Per-Gram Price Matters When Selling Jewelry

Most platinum jewelry is weighed in grams. When a buyer offers a price, compare it to the per-gram value for that purity shown in the table above. A .950 platinum ring weighing 8 grams contains 7.6 grams of pure platinum. Multiply 7.6 by the .999 per-gram price to get the melt value. Dealers typically pay 70–90% of melt for platinum jewelry, depending on the piece, condition, and market conditions. Platinum is harder to refine than gold, which is why buyback percentages tend to be slightly lower.

Common Platinum Jewelry Weights

Platinum engagement rings typically weigh 4–8 grams. Wedding bands run 5–10 grams. Platinum is denser than gold (21.45 g/cm³ vs 19.32 g/cm³), so platinum rings feel noticeably heavier than gold rings of the same size. A platinum necklace chain might weigh 15–40 grams depending on length and thickness. Earrings with platinum settings typically weigh 2–5 grams. Knowing these ranges helps you estimate melt value before weighing.

For a full melt value calculation, use our platinum melt value calculator. Compare with the gold price per gram, check scrap gold values, or return to the melt value calculator homepage.