Platinum prices averaged USD 999 per troy ounce in October, up 3.5% from September. On 31 October, the commodity traded at USD 995 per troy ounce, up 1.0% from 30 September.
Platinum prices extended September’s gains in October, bolstered by safe-haven demand amid mounting geopolitical tensions in the Middle East and the build-up to the U.S. elections. That said, a stronger greenback, a monthly rise in U.S. treasury bond yields and weaker global vehicle demand—the metal’s main use is in catalytic converters—exerted some downward pressure.
This chart displays Platinum (US$/toz) from 2022 to 2024.
Platinum LME (prices in US$/toz, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|
| Platinum LME | 995 | 1,026 | 931 | 914 | 911 | 980 | 964 | - |