You've probably noticed that everyone is talking about gold again. It’s the classic move when the economy feels a bit shaky. But if you’re looking at the current price of platinum per gram, you’re seeing a much more chaotic—and frankly, more interesting—story unfolding in 2026.
Honestly, platinum has been the "forgotten" sibling of the precious metals family for years. While gold was smashing records, platinum just sort of sat there. Not anymore. As of January 17, 2026, the spot price for platinum is hovering around $75.65 per gram.
That is a massive jump from where we were just eighteen months ago. If you look back at early 2025, we were seeing prices closer to $32 or $33 per gram. We are talking about a move that has caught a lot of retail investors totally off guard.
What is driving the current price of platinum per gram?
It isn’t just one thing. It's a "perfect storm" situation. Basically, for the last three years, the world has been using more platinum than it’s been digging out of the ground. The World Platinum Investment Council (WPIC) has been sounding the alarm on these deficits for a while now.
In 2025, the market saw a deficit of nearly 692,000 ounces. You can't just keep running a tab like that without the price eventually reacting.
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The EV "Cool Down"
Everyone thought internal combustion engines were dead. We were all supposed to be driving Teslas by now, right? Well, the transition to Electric Vehicles (EVs) has hit a significant speed bump in 2026. Governments in China and the U.S. have pulled back on some subsidies, and consumers are leaning back toward hybrids.
Why does this matter for the current price of platinum per gram? Because hybrids and traditional cars need catalytic converters. Platinum is the MVP of those converters. More gas-powered cars on the road means more industrial demand for platinum. It's that simple.
Mining Headwinds in South Africa
South Africa produces the lion's share of the world's platinum—somewhere around 70% to 75%. But they’ve been dealing with massive structural issues. Power outages, labor disputes, and a lack of investment in new mines have strangled supply.
Experts like John Karow have pointed out that you can’t just "turn on a faucet" to get more platinum. It takes years to develop a mine. So, while demand is spiking, the supply is basically stuck in 2022.
Is platinum still "cheap" compared to gold?
Even at $75 a gram, many analysts think platinum is undervalued.
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Historically, platinum was almost always more expensive than gold. In 2007, platinum was nearly 2.5 times the price of the yellow stuff. Today? Gold is still trading at nearly double the price of platinum.
- Platinum: ~$75.65/g
- Gold: ~$147.50/g (approximate based on current $4,580/oz spot)
That gap is what is driving a lot of "rotation." Big institutional investors are looking at gold and thinking it’s a bit topped out. They look at platinum and see a metal that hasn't even hit its inflation-adjusted all-time high yet.
The Hydrogen Wildcard
If you want to look at the long-term, you have to talk about hydrogen. Platinum is a key component in PEM (Proton Exchange Membrane) electrolyzers. These are the machines that make green hydrogen.
By 2030, some forecasts suggest the hydrogen economy could consume nearly 1 million ounces of platinum a year. That’s roughly 12% of the total current global supply. If you're buying at the current price of platinum per gram today, you’re basically betting that hydrogen is the future of energy.
Real talk: The risks of buying right now
It isn't all "to the moon" talk. There are real risks.
Platinum is way less liquid than gold. If you go to a local coin shop to sell a gram of platinum, they might give you a funny look or offer you a terrible "spread" (the difference between what they buy it for and what they sell it for).
Also, if the global economy enters a massive recession, industrial demand could crater. Since platinum is so tied to car manufacturing, a bad year for Ford or Toyota is a bad year for platinum holders.
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How to actually track the price
If you're watching the current price of platinum per gram for an entry point, don't just look at the "spot price." That's the price for raw, bulk metal.
If you're buying a 1-gram PAMP bar or a British Britannia coin, you’re going to pay a "premium." Right now, retail premiums on small platinum bars are running anywhere from 5% to 15%.
- Check live charts on Kitco or JM Bullion for the base spot price.
- Compare premiums across at least three different dealers.
- Factor in shipping and insurance—they eat into your gains fast.
We are currently seeing a bit of "profit-taking" in the market. After the massive run-up in late 2025, it’s natural for the price to breathe a little. Some analysts, like Sam Pelaez of Olive Resource Capital, think this volatility is actually a gift for people who missed the first boat.
The reality is that above-ground stocks are being drained. By the end of 2026, we could be looking at the tightest platinum market in twenty years. Whether that translates to $100 a gram or a retreat back to $60 depends entirely on how the car market behaves in the next six months.
Monitor the spread between gold and platinum. If that ratio starts to close, it’s a sign that the "smart money" is finally moving in.
Check the specific buy-back rates at your preferred bullion dealer before you lock in a purchase. Knowing your exit price is just as important as knowing the current price of platinum per gram today.