Platinum Prices

Platinum prices averaged USD 1,021 per troy ounce in May, up 6.5% from April. On 30 May, the commodity traded at USD 1,071 per troy ounce, up 10.2% from 30 April.

In May, prices rose at the fastest pace in a year, topped USD 1,000 per troy ounce for the first time since March and hit a two-year high. Prices saw a large jump in late May, when data revealed a surge in demand from key importer China; platinum’s stability relative to gold, which has become both expensive and volatile, stoked its appeal among Chinese jewelers and investors. A weaker USD and expectations of a tighter market due to continued power cuts in key producer South Africa lifted prices further.