If you have searched for a platinum price, you have probably seen the code XPT/USD. This guide explains what it means, how it relates to other platinum prices you may see quoted, and why two sources can show slightly different numbers at the same moment.
What Does XPT Mean?
XPT is the ISO 4217 code for one troy ounce of platinum, in the same way USD is the code for the US dollar. Precious metals are treated as “currencies” in this standard: gold is XAU, silver XAG, palladium XPD and platinum XPT. Each code also has a numeric form; for platinum it is 962.
So XPT/USD is the price of one troy ounce of platinum in US dollars. XPT/EUR, XPT/GBP and so on are the same ounce priced in other currencies — our multi-currency charts show several of them.
A Troy Ounce Is Not a Regular Ounce
Precious metals are weighed in troy ounces. One troy ounce is 31.1034768 grams, about 10% heavier than the avoirdupois ounce (28.35 g) used for food. To convert, see our platinum price per gram, ounce and kilo guide.
Spot, Futures and Benchmark Prices
“The platinum price” can refer to several related but distinct numbers:
- Spot (XPT/USD): a continuously quoted over-the-counter price for platinum for near-immediate settlement, mostly loco London/Zurich. Different banks, brokers and data vendors stream their own quotes, which is why spot prices from two websites can differ by a few dollars.
- Futures (NYMEX PL): exchange-traded contracts on CME Group’s NYMEX, each for 50 troy ounces, with set delivery months. Futures prices usually sit slightly above spot because they include financing and storage costs until delivery.
- LBMA Platinum Price: a benchmark set twice each London business day (morning and afternoon) through an electronic auction. It replaced the old London Platinum and Palladium Fixing in December 2014. It is widely used in contracts and is published under codes such as PLTMLNAM/PLTMLNPM on some terminals.
- Dealer prices: what you actually pay or receive for bars and coins. Dealers add a premium over spot when selling and pay below spot when buying back.
Because the LBMA benchmark is a single auction price at a set time, while spot moves continuously, the two will rarely match exactly. Differences of a few dollars are normal; a large gap usually means one figure is stale or quoted in a different unit or currency.
Platinum Symbols on TradingView
| Symbol | What it is |
|---|---|
| OANDA:XPTUSD | Spot platinum CFD quote in US dollars (used on our main chart) |
| TVC:PLATINUM | TradingView’s composite platinum index/quote |
| NYMEX:PL1! | Continuous front-month NYMEX platinum futures |
| AMEX:PPLT | A physically backed platinum ETF (price per share, not per ounce) |
| OANDA:XPTEUR, XPTGBP, XPTJPY, XPTAUD | Platinum spot in euros, pounds, yen and Australian dollars |
Our live platinum chart allows symbol changes, so you can type any of these into the symbol box to switch views.
When Does Platinum Trade?
Platinum trades over the counter almost around the clock on weekdays, from Sunday evening to Friday evening US Eastern time, with liquidity highest when London and New York overlap. Prices on weekends are frozen at Friday’s close.
Frequently Asked Questions
Is XPT a currency?
Not in the everyday sense. XPT is an ISO 4217 code that represents one troy ounce of platinum, so it can be quoted against currencies like USD and EUR.
What does XPT 962 mean?
962 is the numeric ISO 4217 code for platinum (XPT). Gold is 959, silver 961 and palladium 964.
Why do XPT/USD and the LBMA platinum price differ?
XPT/USD is a continuous spot quote from a dealer or data vendor, while the LBMA Platinum Price is set by auction twice a day. Timing, spreads and the data source all cause small differences.
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.