Five key uses for platinum include catalytic converters in vehicles to reduce emissions, high-end jewelry, critical components in electronics (like hard drives and sensors), medical devices and chemotherapy drugs, and specialized industrial applications such as glassmaking and chemical processing catalysts, along with emerging uses in the hydrogen economy.
Platinum has a range of uses, including electronics, automotive industry, dentistry equipment, jewellery, and bullion. The biggest use of platinum however is as a catalyst. Catalysts are materials that speed up chemical reactions and reduce the energy needed to convert a substance.
One of the rarest and most precious metals
The name originates from Spanish word platina, meaning 'little silver'. It is one of the most stable metals and is resistant to corrosion, even at high temperatures, making it ideal for electronic components, laboratory equipment and jewellery.
7 Fun Facts about Platinum
Rarer than gold, it is renowned as both a precious and industrial metal. What is more, over 80% of platinum's end-uses reduce energy requirements and/or harmful emissions. Read our platinum facts to find out more. One gram of platinum can be stretched into a wire that is over 2 km long.
Platinum is one of the rarest metals, occurring at very low concentrations in the Earth's crust. It is 30 times rarer than gold.
9995 purity, which equals 99.95%. That's slightly lower than the . 9999 standard for gold, and here's why: High Melting Points – Platinum and palladium are extremely difficult to refine past 99.95%.
Yes, platinum is generally more expensive than gold due to its extreme rarity, higher density (meaning more metal is needed for the same size item), and purity (used at 90-95% pure versus gold's 58.5-75% in jewelry). While gold prices can fluctuate, platinum's scarcity and industrial demand (like catalytic converters) often keep its price per ounce higher, though market shifts can sometimes see gold surpass platinum temporarily.
As of early January 2026, the price for 1 kilogram (kg) of platinum fluctuates but is roughly in the range of $69,000 to over $110,000 USD/AUD, depending heavily on the dealer, market spot price ($69,407/oz USD reported by JM Bullion, ~ $2,500 AUD/oz by Guardian Gold as of Dec 2025), premiums, and if buying physical bars, with Australian dealers showing ~AUD $110,000 for 1kg bars.
Platinum uses are incredibly varied — the metal can be used in autocatalysts and jewelry, as well as for medical and industrial purposes. Platinum may be rare, but it is the third most-traded precious metal in the world, behind gold and silver. The world's platinum demand varies widely across many sectors.
Platinum and palladium are used in the catalytic converters for cars, trucks and buses and is effective at converting emissions from the vehicle's engine into less harmful waste products.
The unique hue of platinum color is almost silver, almost white, and subsequently seen as a color of purity and elegance. The properties of its namesake make the color platinum a symbol of strength and rarity, too.
PLATINUM. Generally platinum is not magnetic. However, it depends on the platinum alloy: if the platinum is mixed with ruthenium, iridium or palladium then no, none of these are magnetic; if it's mixed with cobalt then yes, cobalt is magnetic so, theoretically, platinum can be attracted by a very powerful magnet.
Pure platinum, in its unadulterated form, does not tarnish. So, if your ring is turning black, it might be due to the presence of other metals in an alloyed piece. These metals, when combined with platinum, can react with certain external elements, leading to a change in colour over time.
Platinum-based drugs cisplatin, carboplatin, and oxaliplatin are widely used for chemotherapeutic eradication of cancer. However, the side effects of platinum drugs, such as lack of selectivity, high systemic toxicity, and drug resistance, seriously limit their clinical application.
Platinum is denser than gold, weighing approximately 21.4 grams per cubic centimeter (g/cm³), while gold weighs around 19.3 g/cm³. This difference in weight makes platinum notably heavier than gold for a given volume.
As of early January 2026, the price of platinum per gram fluctuates but generally sits around $68 to $70 USD, depending on the live market, with variations for different purities and bullion products. For instance, you might see prices like $69.41/gram (JM Bullion) or $68.80/gram (Monex), while bulk or retail products will have different rates.
But why do jewelers not like platinum? The answer lies in its unique properties that make it both a prized and challenging material to work with. Platinum is significantly denser than gold, making it heavier and more difficult to shape. This density also causes tools to wear down faster, increasing costs for jewelers.
The above-ground stockpiles of physical platinum are running dry. In 2024, available reserves sat around 3,828 koz. By 2029, these stockpiles are expected to plummet by 80%, falling to around 731 koz. Anything below 1,000 koz is historically tight.
Platinum is one of the most valuable and sought-after precious metals, and it's often used in jewelry, industrial applications, and investment-grade bars. Given its high value, counterfeit platinum bars aren't uncommon in the market.
Noble metals refer to ruthenium (Ru), rhodium (Rh), palladium (Pd), silver (Ag), osmium (Os), iridium (Ir), platinum (Pt), and gold (Ag).
The Crown Jewel of Rare Metals: Rhodium
This shiny, silver-white metal is part of the platinum group, but it's about 10 times rarer than platinum itself. In fact, it's so rare that annual worldwide production is only around 30 tons—compare that to gold's 3,000 tons, and you'll see why rhodium is the ultimate flex.