As of 24 May 2011, platinum is worth $1,766 US dollars per troy ounce. There are approximately 31 grams in one troy ounce, therefore, one gram of platinum will earn you $56.75. This is an approximate value which does not take other factors into consideration. The true value of platinum is what people will pay for it and a quick search of any marketplace, such as eBay, will give you a glimpse of the true value. Platinum is 30 times rarer than gold and its purity and value as a precious commodity means it will cost significantly more than gold. Platinum prices are currently historically lower than average, but it will still fetch between 2.5 and 4 times more than gold. Other factors that will affect the price of platinum at any given time include the policies of the country producing the metal (e.g. South Africa and Russia), the economic situation in consuming countries (e.g. Japan, Europe and the US), and even the price of other metals such as gold. The global benchmark price of platinum is set by the London Platinum and Palladium Market (LPPM) twice a day. This price is used by platinum producers and industries all over the world. The price of platinum set by the LPPM on 24 May 2011 was actually $1,753 at day’s open and $1,748 at day’s close with a peak at midday. To find out what one gram of platinum is worth on any given day, visit the London Platinum and Palladium Market, or any number of platinum price sites such as Price of Platinum, Platinum Price, or Platinum per Ounce.
