Platinum Hits 10-Year High at $1,330/Ounce; Rally Reflects 44% Gain This Year

Platinum is enjoying a powerful rally in 2025, recently topping $1,330 per ounce — a 10-year high and a 44% gain since the start of the year. The price surge has been fueled by rising industrial demand, supply constraints and renewed investor interest. Despite this momentum, platinum still trades at less than half the price of gold, which is currently valued at $3,335 per ounce.

This price disparity is striking, especially considering platinum’s former status as the more precious of the two. Back in March 2008, platinum reached an all-time high of $2,192 per ounce — more than double gold's price at the time. But while platinum has struggled to reclaim its historical premium, gold has soared, driven by its safe-haven appeal in times of global economic uncertainty.

Yet, for consumers shopping for fine jewelry, the story isn't so straightforward.

Platinum jewelry often carries a price tag equal to — or even higher than — gold jewelry, especially when compared to 14-karat gold. That’s because platinum is far denser and purer. A platinum ring is approximately 60% heavier than the same ring in 14K gold, and while 14K gold is only 58.5% pure, most platinum jewelry is 90–95% pure and alloyed with costly platinum-group metals, such as iridium or ruthenium. In contrast, 14k gold is alloyed with affordable metals, such as copper, silver or zinc.

In short, you may pay more for a platinum piece, not because the raw metal is pricier per ounce, but because there’s simply more of it — and it’s of higher purity.

Platinum is also prized for its durability, strength and hypoallergenic properties. Its density offers superior security for gemstones, and its resistance to wear makes it ideal for heirloom-quality pieces. Jewelers note that working with platinum requires more skill and heat than gold, which also adds to the craftsmanship cost.

So while platinum may currently trail gold in commodity markets, platinum’s great look, toughness, purity and performance keep it a precious — and practical — choice for fine jewelry.

Credit: Photo by Chip Clark / Smithsonian; U.S. Geological Survey, CC BY 2.0, via Wikimedia Commons.