At 8:45 a.m. Eastern Time on February 23, 2026, platinum sold for $2,150.01 per ounce. That’s $30.98 lower than yesterday morning—but more than a $1,180 rise over the past year.
Prices current as of February 23, 2026. Fortune publishes a daily price of platinum post each weekday that data is available.
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Historical platinum performance
Precious metals in general are largely a safe but conservative investment. Buying platinum may be thought of as a way to “petrify” your funds to keep them safe from what feels like the ever-decaying value of the dollar. As inflation increases, so tends platinum’s value to increase, thereby preserving your money.
Over the past year, platinum has skyrocketed in a way that we haven’t seen since the 2008 financial crisis. The commodity’s value has increased more than 77% since the beginning of 2025. Meaningful gains began in June and have since steadily risen.
This escalation in price is a result of multiple factors. Many investors have turned to platinum in the wake of gold’s considerable value bump as a more affordable investment. Other buyers have purchased platinum as a hedge against inflation. And with several mines in South Africa (far and away the biggest platinum supplier) generating an output less than expected, demand has surged while supply has dipped.
What does “spot platinum” mean?
“Spot platinum” means the rate that you could in theory instantly buy or sell platinum, excluding additional costs like trade markups, insurance, shipping, and more. Think of spot price as the baseline from which precious metals sellers refer when listing platinum. The higher the spot price, the greater the demand for platinum.
What is “price spread” in platinum trading?
The term “price spread” is simply the gap between platinum’s purchase price (called the ask price) and selling price (called the bid price).
The bid price is lower than the ask price—but the spread is telling of current market conditions. A wide spread results from low demand with fewer buyers and sellers. A narrow spread is a result of a more liquid market, which indicates high demand.
How to invest in platinum
If you’re looking to invest in platinum, you’ve got multiple options. From bullion to collectibles to ETFs, each format of platinum comes with varying risks and benefits. Here are popular ways to invest in platinum:
- Platinum bullion and coins: Most platinum bars, rounds, and coins with a 99.95% purity can be traded as investment bullion.
- Platinum jewelry: Precious metals like platinum that are fashioned into jewelry price higher than bullion of equal purity.
- Platinum mining stocks: Instead of investing directly in platinum, you can invest in platinum mining companies whose success correlates to the value of platinum.
- Platinum ETFs: You can invest in funds that are invested in platinum, meaning you’ll get the benefit of investing without having to actually buy platinum yourself and store it.
Is it a good time to invest in platinum?
It’s worth noting that platinum hasn’t always been a slam dunk. Over the years, its value has vacillated without major disruption—meaning it’s mostly a low-risk option with an unimpressive year-over-year performance.
Again, the outlier has been this previous year, with massive gains the likes of which we haven’t experienced since its meteoric rise in 2008. At that time, platinum’s value breached $2,100 per ounce but quickly fell to under $800 per ounce. This was due to aspects of the global financial crisis, from liquidation to a crumbling of industrial demand (such as the auto industry, one of the biggest platinum users).
All to say, precious metals like platinum are generally a decent investment option if you’re concerned about hedging against inflation. But history shows that it’s particularly susceptible to industrial swings, as it’s used for many different products.
If you’re looking for a less volatile precious metal, consider gold. More than platinum, gold is valued for its beauty instead of its utility. As ever, it’s wise to only invest up to 15% of your total portfolio in precious metals.
Current precious metals prices as of 8:45 a.m. ET on February 23, 2026
When investing in precious metals, gold is still the standard. Its large market share makes it more stable. Silver has experienced some of the most impressive growth over the past year while also remaining a relatively inexpensive entry point into the precious metals. Both (along with platinum) are popular retirement investments, as well. Read our posts on the best gold IRAs and the best silver IRAs for more information.
The takeaway
Ongoing economic uncertainty during the past few years has thrust commodities like platinum into the shrewd investor’s gaze. And with an incredible 77% rise in platinum value over the past year, you may be more enticed than ever to add platinum to your portfolio.
If you’re looking to enter the arena of precious metals, platinum is a good starting point thanks to its notably lower price than the likes of gold. Physical coins and bars, jewelry, ETFs, etc. can help to protect your money against inflation. Just be aware that platinum’s industrial demand makes it more volatile than some other options.
Frequently asked questions
What’s driving platinum prices in 2026?
Platinum prices are being driven by scarcity thanks to South African mining complications and a surge of both industrial and consumer demand.
What percentage of my portfolio should I allocate to platinum?
Many experts recommend that you invest no more than 15% of your portfolio in precious metals like platinum.
Can platinum be held in an IRA?
Certain platinum products are eligible to be held in an IRA. You’ll need items that are 99.95% pure and produced by an accredited mint. Your investment must also be stored in an IRS-approved depository.
Is platinum more volatile than gold?
Platinum is generally more volatile than gold because of its many applications in large industries like automotive and green energy. When demand in these fields increase or decrease, platinum prices can experience swings. Gold’s market, on the other hand, is driven more by investment demand.
