Melt value of popular bullion. Dealer prices add a premium.
Most of the world's platinum is mined in South Africa and Russia, and close to 40% of demand comes from catalytic converters in diesel and hybrid vehicles. Supply shocks from a few mines can move the price sharply.
Platinum jewelry is usually 95% pure and stamped PLAT or 950. Scrap buyers pay for the platinum content, so a 950 ring is valued at 95% of its weight times the spot price per gram, minus the buyer's margin.
Platinum is trading at $1,696.00 per troy ounce, or $54.53 per gram, up +0.22% on the day.
A gram of pure platinum is worth $54.53 at today's spot price. One troy ounce is 31.1035 grams.
Platinum has moved +1.4% over the past 12 months, from about $1,669.60 an ounce.
Platinum is used mainly in catalytic converters, jewelry and hydrogen fuel cells.