Platinum Prices in the UK
Platinum prices in the UK fluctuate daily based on global market conditions, supply and demand, and economic factors, with current rates ranging from £25-35 per gram for pure platinum to £20-30 per gram for platinum jewellery and scrap. Understanding platinum prices, market trends, and valuation factors helps investors and sellers make informed decisions about platinum investments and sales. From bullion bars to jewellery, UK residents have numerous options for platinum ownership and investment.
⚪ Platinum represents valuable precious metal providing portfolio diversification, industrial applications, and investment potential that appeals to both collectors and investors. Evaluating whether bullion or jewellery provides best value, understanding purity levels and market premiums, and knowing when to buy or sell helps optimize platinum investment strategies while managing risk and maximizing returns.
How Much is Platinum in the UK?
Pure Platinum Bullion: £25-35 per gram for pure platinum (999) including coins, bars, and rounds. 1oz platinum coins cost £750-1,050, 100g platinum bars cost £2,500-3,500, and 1kg platinum bars cost £25,000-35,000 depending on dealer premiums and market conditions. Includes premium over spot price for minting and distribution.
Platinum Jewellery: £20-30 per gram for platinum jewellery including rings, necklaces, and bracelets. Platinum engagement rings cost £600-2,000 for rings, platinum wedding bands cost £400-1,200 for bands, and £800-2,500 for platinum necklaces depending on craftsmanship and design. Includes premium for workmanship and design.
Scrap Platinum: £18-28 per gram for scrap platinum including broken jewellery, damaged items, and industrial platinum. Scrap platinum jewellery costs £20-28 per gram, scrap platinum coins cost £22-30 per gram, and £18-25 per gram for mixed scrap platinum depending on purity and condition. Includes dealer margins and refining costs.
Platinum Per Ounce: £750-1,050 per troy ounce for pure platinum bullion including spot price plus dealer premiums. Spot platinum price typically ranges £750-950 per ounce, while dealer premiums add £50-100 per ounce for coins and bars. Platinum per ounce provides standard measurement for market pricing and investment comparison.
Platinum Per Kilogram: £24,000-34,000 per kilogram for pure platinum bullion including large bars and bulk purchases. 1kg platinum bars cost £25,000-35,000 per kilogram, 5kg platinum bars cost £125,000-175,000 per purchase, and 10kg platinum bars cost £250,000-350,000 per purchase depending on dealer and market conditions. Bulk purchases typically offer lower premiums per gram.
Industrial Platinum: £22-32 per gram for industrial platinum including catalytic converters and industrial applications. Platinum catalytic converters cost £20-30 per gram, industrial platinum scrap costs £18-28 per gram, and £22-32 per gram for refined industrial platinum depending on purity and form.
For example, 1oz platinum coin at £900 represents platinum investment worth approximately £28,800 per kilogram, while platinum jewellery at £25 per gram totals £25,000 per kilogram. Scrap platinum at £23 per gram provides £23,000 per kilogram for recycling value.
Real-World Examples:
BullionByPost in London: 1oz platinum coins from £800 per coin, 100g platinum bars from £2,600 per bar, 1kg platinum bars from £26,000 per bar. Leading UK bullion dealer with competitive premiums and comprehensive platinum investment options.
Chards in Blackpool: Pure platinum bullion from £26 per gram, platinum coins from £850 per coin, scrap platinum from £22 per gram. Established dealer with extensive platinum inventory and valuation expertise.
Atkinsons Bullion in Birmingham: Platinum bars from £25 per gram, platinum coins from £780 per coin, scrap platinum from £20 per gram. Competitive pricing with professional platinum valuation and purchasing services.
Hatton Garden Metals in London: Platinum jewellery from £24 per gram, scrap platinum from £21 per gram, platinum bullion from £27 per gram. Specialized dealer with focus on precious metals and jewellery valuation.
Royal Mint in Wales: Platinum investment coins from £850 per coin, commemorative platinum coins from £900 per coin, collectible sets from £3,500 per set. Official UK mint with premium platinum coins and limited edition releases.
Factors that Affect Platinum Prices in the UK
🌍 Global Market Conditions
Platinum prices follow global market trends with spot prices fluctuating daily based on international supply and demand. Industrial demand accounts for significant platinum consumption including automotive catalysts and electronics. Global market conditions significantly affect platinum prices and investment attractiveness.
💷 Currency Exchange Rates
Platinum prices in UK pounds depend on USD exchange rates since platinum is priced in US dollars internationally. Weak pound increases platinum prices in UK, while strong pound reduces platinum costs. Currency fluctuations add volatility to UK platinum prices beyond pure market movements, typically affecting prices by £2-5 per gram.
📊 Supply and Demand Dynamics
Industrial demand drives platinum consumption including automotive catalysts, jewellery, and electronics. Investment demand affects price premiums, while mining supply affects market availability. Supply and demand imbalances significantly impact platinum prices and market premiums, with industrial applications creating steady demand.
🏭 Dealer Premiums and Markups
Dealer premiums add £2-5 per gram to spot prices for coins and bars, while scrap platinum dealers typically pay 70-80% of spot price. Premium rates vary by dealer, product type, and purchase size. Dealer margins significantly affect actual platinum costs and selling prices.
🎨 Product Type and Condition
Bullion bars typically have lowest premiums at £2-3 per gram, while jewellery commands premiums of £5-10 per gram. Scrap platinum values depend on purity, condition, and refining costs. Product selection significantly affects platinum value and investment returns.
How to Save Money on Platinum in the UK
📦 Buy in Bulk
Bulk purchases typically offer lower premiums per gram, with 1kg bars costing £25,000-35,000 compared to individual coins costing £800-1,050 per ounce. Larger purchases reduce per-gram costs and dealer margins. Bulk buying can save £500-2,000 per kilogram on platinum purchases.
🔍 Compare Multiple Dealers
Platinum prices vary significantly between dealers—compare multiple options to find best value for your budget. Online dealers may offer competitive pricing, while local dealers provide personal service. Comparing dealers can save £100-500 per kilogram on platinum purchases.
⏰ Monitor Market Prices
Platinum prices fluctuate daily, with buying during market dips potentially saving £500-2,000 per kilogram compared to peak prices. Monitor spot prices and dealer premiums to identify optimal buying opportunities. Market timing can significantly affect platinum investment costs and returns.
🎯 Choose Appropriate Product Types
Bullion bars typically have lower premiums than coins, while scrap platinum offers lowest entry costs but requires careful evaluation. Investment-grade bullion provides best value for long-term holding, while jewellery offers aesthetic appeal but higher premiums. Appropriate product selection can save £500-1,500 on platinum purchases.
📅 Consider Storage Costs
Physical platinum requires secure storage, with home storage being free but risky, while professional storage costs £100-300 annually. Consider storage costs when planning platinum investments, as storage fees reduce investment returns. Storage planning can save £200-600 annually on platinum ownership costs.
FAQs
What is the current platinum price per gram in the UK?
Current platinum prices range from £25-35 per gram for pure platinum bullion, while platinum jewellery costs £20-30 per gram, and scrap platinum costs £18-28 per gram. Prices fluctuate daily based on global market conditions and dealer premiums. Check current spot prices and dealer quotes for accurate pricing.
Is platinum more expensive than gold?
Platinum typically costs £25-35 per gram compared to gold costing £45-60 per gram for pure bullion. However, platinum prices fluctuate relative to gold, and platinum jewellery may command premium prices. Platinum is rarer than gold but prices vary based on market conditions and industrial demand.
How much is scrap platinum worth in the UK?
Scrap platinum typically costs £18-28 per gram depending on purity and condition. Scrap platinum jewellery costs £20-28 per gram, while lower purity scrap costs £18-25 per gram. Dealers typically pay 70-80% of spot price for scrap platinum to account for refining costs and margins.
Is platinum a good investment in the UK?
Platinum can provide portfolio diversification and industrial demand exposure, with prices ranging from £25-35 per gram for investment-grade bullion. Platinum prices fluctuate based on global markets, industrial demand, and supply constraints. Consider your investment goals, risk tolerance, and storage requirements when evaluating platinum investments.
Where can I buy platinum in the UK?
Platinum can be purchased from bullion dealers like BullionByPost, Chards, and Atkinsons Bullion, as well as the Royal Mint for coins. Online dealers offer competitive pricing, while local dealers provide personal service and valuation. Compare multiple dealers to find best value for platinum purchases.
Conclusion
Platinum prices in the UK range from £18-35 per gram depending on purity, product type, and dealer premiums, providing valuable investment and jewellery options for UK residents. Strategic platinum planning—buying in bulk, comparing dealers, monitoring market prices, choosing appropriate product types, and considering storage costs—saves £500-2,000 while optimizing platinum investment returns. Platinum provides portfolio diversification and industrial demand exposure, making it valuable addition to investment portfolios. Compare platinum prices with other precious metal investments like gold or silver when planning investment strategies. With proper planning and dealer comparison, platinum investments provide excellent value ensuring portfolio diversification without excessive financial burden. ⚪
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Alan Frost |
| Grew up in and live in Birmingham. Writer, publisher, editor, EFL teacher, composer. |
