Platinum is one of the most volatile precious metals. Its price history reflects booms and busts in the car industry, supply shocks in South Africa, financial crises and investment fashions. Below is a timeline of the main milestones. Levels are approximate (in US dollars per troy ounce, not adjusted for inflation) and different data sources may show slightly different highs and lows. For exact figures, open the “All” range on our live platinum chart.
1970s–1980: From Industrial Metal to Investment Spike
Platinum demand grew in the 1970s as the United States introduced catalytic converters (from the 1975 model year) to meet clean-air rules. In the precious metals mania of 1979–1980, platinum spiked to roughly $1,000 per ounce in early 1980 alongside gold and silver, before falling back sharply.
1980s–1990s: A Premium to Gold
Through most of the 1980s and 1990s platinum traded in a range of a few hundred dollars per ounce, generally at a premium to gold. Japanese jewelry demand and growing autocatalyst use were important supports.
2000s: The Great Bull Run
From around 2002, Europe’s shift to diesel cars, Chinese jewelry demand, tightening emissions standards and supply problems in South Africa drove a long rally. Power shortages at South African mines in early 2008 added a supply shock, and platinum reached a then-record a little under $2,300 per ounce in March 2008.
2008: The Crash
The global financial crisis hit car sales and industrial demand. Platinum lost well over half its value in a few months, falling below $800 by late 2008 — one of the steepest declines of any major commodity in that period.
2009–2014: Recovery, Then Unrest
Prices recovered to around $1,800–1,900 in 2010–2011. In August 2012 the Marikana tragedy, in which police shot dead 34 striking miners at a Lonmin mine, highlighted labour tensions in South Africa. In 2014 a roughly five-month strike by the AMCU union at the three largest producers became the longest in the country’s mining history, yet prices weakened as stockpiles and recycling covered the shortfall.
2015: Dieselgate and the Discount to Gold
The Volkswagen emissions scandal broke in September 2015, undermining confidence in diesel cars, platinum’s biggest autocatalyst market. Platinum fell below $1,000 and settled into a persistent discount to gold that has lasted since.
2017–2022: Palladium Takes the Crown
As gasoline cars (which mainly use palladium) gained share, palladium overtook platinum in late 2017 and went on to trade at several times the platinum price, peaking in 2021–2022. See our platinum/palladium ratio guide.
2020: The Pandemic Low
In March 2020 the COVID-19 sell-off pushed platinum briefly below $600, its lowest level in well over a decade. It recovered to around $1,300 by early 2021 as stimulus, South African lockdown disruptions and investment demand lifted prices.
2023–2025: Deficits and a Breakout
Industry bodies such as the World Platinum Investment Council reported market deficits in several consecutive years, while palladium fell back towards platinum. In 2025 platinum broke out of its long range and rallied sharply to its highest levels in more than a decade.
Has Platinum Ever Traded at $5,000 or $7,000?
No. Platinum’s historical peaks have been in the low thousands of dollars per ounce. Searches for very high figures usually mix up units (for example price per kilogram, or a non-US currency) or confuse platinum with palladium, rhodium or other metals.
Reading Price History in Context
Nominal prices do not account for inflation, so a 1980 price of $1,000 represented far more purchasing power than $1,000 today. Long-term charts are best read on a logarithmic scale, which you can switch on in the chart settings. Historical patterns do not predict future prices.
Frequently Asked Questions
What was the highest platinum price in 2008?
Platinum peaked a little under $2,300 per troy ounce in March 2008 before falling below $800 later that year.
When did platinum fall below gold?
Platinum first dipped below gold intermittently from late 2011 and has traded at a persistent discount since around 2015.
When did palladium become more expensive than platinum?
Palladium overtook platinum in late 2017 and stayed above it for several years, before the two converged again around 2023 to 2024.
Disclaimer: This article is for general information and education only. It is not investment, tax or financial advice, and it does not recommend buying or selling any asset. Precious metal prices are volatile; past performance does not predict future results. Figures are approximate and should be checked against current primary sources.