Precious metals · live ratio
Gold to Platinum Ratio
The gold to platinum ratio is 2.465 — gold at $4,637.72 per troy ounce divided by platinum at $1,881.61 per troy ounce. One ounce of gold is worth about 2.465 ounces of platinum.
For most of the two decades before 2015 this number sat below 1.0, because platinum was the more expensive metal. It is now persistently above it, and that inversion is the single most interesting thing about this pair.
Prices as of Aug 24, 2026, 9:27 AM UTC. Change either side of the calculator to price any other pair, or read the unit reference for how cross-unit ratios should be read.
Gold to Platinum ratio
1.000 T.oz of gold = 2.465 T.oz of platinum
Inverse (PL/XAU): 0.4057 — one Troy Ounce of platinum buys that much gold.
Close to the middle of its 1 year range. (54th percentile of the last 1 year)
Gold
$4,637.72
per Troy Ounce
Platinum
$1,881.61
per Troy Ounce
Unit basis: USD per Troy Ounce ÷ USD per Troy Ounce. The ratio reads as Troy Ounces of platinum per Troy Ounce of gold. Prices as of Mon, 24 Aug 2026 09:27:40 GMT.
1Y average
2.403
median 2.451
1Y low
1.668
Jan 29, 2026
1Y high
2.886
Oct 21, 2025
Normal band
2.210–2.595
mean ± 1 std dev
Deviation from mean
+0.32σ
313 observations
Gold to Platinum ratio charts
Pick a range once — it applies to the XAU/PL ratio line, the OHLC candles and the Gold / Platinum price chart below.
XAU/PL ratio line
How many T.oz of Platinum one T.oz of Gold buys, over 1Y.
XAU/PL ratio candles
Open, high, low and close of the XAU/PL ratio for each period in the last 1Y.
Gold and Platinum prices
Both legs of the ratio on their own axes, so you can see which one moved over 1Y.
How to calculate the gold to platinum ratio
Gold to platinum ratio = gold price per troy oz ÷ platinum price per troy oz
Both metals are quoted in US dollars per troy ounce, so the dollars and the ounces cancel and the result is a plain unitless number — directly comparable across decades.
Worked example, live prices: $4,637.72 ÷ $1,881.61 = 2.465. The inverse is 0.4057.
Why platinum stopped being the premium metal
Platinum is roughly thirty times scarcer than gold in the earth's crust and was priced accordingly for most of the modern era. What changed was demand composition, not scarcity. Around 40% of platinum demand is autocatalysts, and diesel engines are where platinum specifically is used — gasoline catalysts favour palladium. The 2015 Volkswagen emissions scandal gutted European diesel market share, and platinum demand never recovered its old footing.
Gold went the other way. Central bank buying, ETF accessibility and two decades of monetary anxiety gave it a demand base that has nothing to do with industrial output. So the ratio is not really telling you that platinum has become abundant — it is telling you that one metal acquired a monetary bid and the other lost an industrial one.
How to read the current level
Over the trailing 1 year the ratio has averaged 2.403, ranging from 1.668 to 2.886. Today's 2.465 sits at the 54th percentile of that window.
Supply concentration is the wildcard. South Africa produces roughly 70% of the world's platinum, much of it from deep, electricity-hungry shafts. Eskom load-shedding, wage negotiations and shaft closures have all produced sharp single-quarter moves in this ratio that had nothing to do with gold. When the ratio falls hard and fast, check South African supply news before reading it as a demand signal.
Other commodity ratios
Each of these has its own page with live pricing, a full year of history and the range statistics.
- Gold to silver ratio
- Gold to oil ratioMacro ratio · live
- Gold to copper ratioGrowth vs fear · live ratio
- Gold to palladium ratioPrecious metals · live ratio
- Silver to platinum ratioIndustrial precious metals · live
- Copper to silver ratioElectrification metals · live
- Oil to natural gas ratioEnergy substitution · live
- Platinum to palladium ratioPGM substitution · live
- Gold to natural gas ratioMonetary vs energy · live ratio
Live prices behind the ratios
| # | Symbol | Name | Rate (USD) |
|---|---|---|---|
| 1 | XAU | Gold | 4641.78 |
| 2 | XAG | Silver | 68.86 |
| 3 | WTIOIL-FUT | Crude Oil WTI Futures | 85.69 |
| 4 | BRENTOIL-FUT | Crude Oil Brent Futures | 92.72 |
| 5 | NG-FUT | Natural Gas Futures | 2.75 |
| 6 | PL | Platinum | 1884.84 |
| 7 | PA | Palladium | 1346.10 |
Frequently asked questions
What is the gold to platinum ratio today?
The gold to platinum ratio is 2.465, meaning one troy ounce of gold is worth about 2.465 troy ounces of platinum. That is $4,637.72 per ounce of gold divided by $1,881.61 per ounce of platinum, recalculated from live mid-market prices.
Why is gold more expensive than platinum if platinum is rarer?
Rarity sets a floor, not a price. Platinum's demand is roughly 40% autocatalysts and heavily weighted to diesel engines, so European diesel's collapse after 2015 removed a large structural buyer. Gold's demand includes central bank reserves and investment flows that are indifferent to industrial activity. Scarcity lost to demand composition.
Was the gold to platinum ratio ever below 1?
Yes, and for long stretches it was normal. Through most of the 1990s and 2000s platinum traded at a premium to gold, putting the ratio below 1.0. It crossed above 1.0 durably in 2015 and has stayed there.
Does a high gold to platinum ratio mean platinum is undervalued?
Not on its own. The ratio is a relative-value measure, not a valuation. A high reading tells you platinum is historically cheap against gold, but the structural loss of diesel autocatalyst demand means part of the move is permanent repricing rather than a gap waiting to close.