The rise in platinum prices in 2026 helps explain why products that depend on the metal, such as the most precise thermocouples used in industry, are more expensive. Considered one of the rarest metals in the world, platinum is used in the manufacture of automotive catalysts, high-end jewelry, and sensors for complex industrial processes. After years of trading within a relatively stable range, the commodity has begun to operate at higher levels in the international market, a movement that is already impacting costs throughout the production chain.
What is platinum?
Platinum is a pure metal, chemically inert and highly resistant to corrosion. It belongs to the platinum group metals (PGMs), which also includes palladium, rhodium, iridium, ruthenium, and osmium. Its color is naturally white and bright, requiring no treatments to maintain its original appearance over time.
Compared to gold, platinum is considerably rarer. Industry estimates indicate that it is about 30 times less abundant than gold in the Earth's crust. While gold is found in various countries, platinum production is mainly concentrated in South Africa and Russia, making the supply chain more vulnerable to geopolitical and operational factors.
From a physical standpoint, platinum is denser than gold. This means that two pieces of jewelry of the same size can have different weights if one is made of gold and the other of platinum. The platinum piece will be heavier because it requires a greater quantity of metal by mass to occupy the same volume.
Another difference lies in purity. Gold jewelry is usually sold in 14 or 18 karat alloys, representing 58,3% and 75% pure gold, respectively. Platinum jewelry, on the other hand, typically has a purity between 90% and 95%, often identified by the Pt950 marking. This indicates that the majority of the piece is effectively composed of the precious metal.
In terms of durability, platinum exhibits high resistance to wear. Unlike gold, which can lose small particles over time due to scratches and polishing, platinum tends to displace the metal on its surface without significant material loss. This behavior results in the formation of a natural patina, an aesthetic alteration that does not compromise the structure of the piece.
| Resource | Platinum | Gold | Diamonds |
| Composition | Pure metal, chemically inert, non-corrosive. | Pure metal is chemically inert and non-corrosive. | Pure crystallized carbon. |
| Appearance | Naturally white, bright, silvery white. | Naturally yellow, bright, warm. | Colorless to various shades; high gloss. |
| Pureza | Normally, 90 to 95% (e.g.: Pt950). | Often in alloy; 14K (58,3%) or 18K (75%) pure. | Classified according to the 4Cs: Carat, Color, Clarity, and Cut. |
| Rarity | Extremely rare | Rare, but more abundant than platinum. | Found globally, but gem quality is rare. |
| Densidade | Very dense, it feels heavier. | Dense, yet lighter than platinum. | Extremely dense for its size. |
| Durability | Highly durable and wear-resistant. | Durable, but soft and prone to scratches. | The hardest natural material known. |
| Patina / Wear | It develops a natural patina without wasting material. | Risks cause gradual loss of material. | Scratch resistant, but can chip. |
Why is Platinum so expensive?
Platinum is one of the rarest and most valuable precious metals in the world. Its high price is driven by its scarcity, the complex extraction process, and its diverse industrial applications, particularly in the automotive and jewelry industries. Unlike gold, the value of platinum is influenced by industrial demand, making its market price more volatile, but also more sensitive to technological advances and economic cycles.
Extremely rareAnnual platinum extraction is significantly lower than that of gold. For comparison, platinum is about 30 times rarer. If all the platinum ever mined in the world were gathered together, the volume would occupy a small space, equivalent to a typical living room. The gold mined throughout history, on the other hand, would fill several Olympic swimming pools. Even compared to gem-quality diamonds, platinum has a higher geological scarcity, which increases the cost of the raw material.
Density and purityPlatinum is one of the heaviest metals in the periodic table. In practical applications, this means that a platinum object requires a greater mass of metal than an identical object made of gold to maintain the same volume. Furthermore, the commercial application of platinum demands high purity. While gold is often melted into 14 or 18 karat alloys to gain rigidity, platinum is used at 90% to 95% purity (Pt900 or Pt950). The consumer or industry therefore acquires a greater quantity of pure metal per unit of product.
Complexity of mining and refiningThe process of obtaining platinum is technically difficult and expensive. The metal is found in deep deposits, often associated with other minerals, requiring complex chemical separation processes. Refining platinum to meet industrial standards consumes more energy and time than refining gold, which adds significant operational costs to the final price.
Durability and resistancePlatinum possesses superior mechanical strength. In continuous use, gold suffers abrasion, resulting in a real loss of mass over the years. Platinum, being more resistant, only suffers a microscopic displacement of the metal when scratched, which preserves its structural integrity. In technical applications, this durability ensures that components maintain their original dimensions under severe conditions.
Price increase
The international market has revised its projections for platinum and palladium in recent months. After a significant increase in value in 2025, platinum began 2026 maintaining an upward trajectory. Supply challenges in the main mining operations in South Africa, responsible for most of the world's platinum supply, combined with growing demand, have created a restricted market. Therefore, the price has not fallen.
A survey by the Investing portal with 21 analysts and traders indicated a median forecast of an average price of US$2.400 per troy ounce (approximately 31,1 grams) in 2026. Three months earlier, the estimate was US$1.550. The spot price hovers around US$2.270 per troy ounce, reflecting restricted physical supply and a structural deficit in the market.
Speculative interest has also increased. The expansion of futures trading, including operations on the Guangzhou Futures Exchange, has added liquidity and volatility to prices. Experts highlight that investor positioning in futures and ETF flows are factors that can intensify short-term fluctuations.
In the automotive sector, demand for platinum group metals remains significant, especially in vehicles with internal combustion engines that use catalytic converters to reduce emissions. Regulatory changes in the European Union regarding the timetable for restricting these engines are influencing consumption prospects.
At the same time, the jewelry industry tends to feel the impact of higher prices, which can limit some of the demand. Conversely, recycling gains momentum when prices rise, increasing the secondary supply in the market.
Palladium, a metal from the same group, has also seen recent gains. Analysts believe that short positions have been reduced and that fundamentals have once again begun to influence investment decisions. Even so, projections indicate that platinum may remain in deficit for the fourth consecutive year, supporting expectations of high prices.
Purchase of used platinum thermocouples
Since prices are sky-high and the material is strategic, nobody throws old sensors in the trash. Recovering these components has become the norm in the sector. For example, Alutal's program for buying used platinum allows companies to recoup some of the money invested when discarding old thermocouples. The metal undergoes specialized refining and returns directly to the production cycle. This industrial recycling is the solution to alleviate the stock shortage coming from the mines.
Os noble temperature sensors Type S, R, and B thermocouples use platinum and rhodium wires to perform measurements in environments where ordinary metal sensors would fail. These thermocouples are employed in industries that operate at extreme temperatures and require absolute precision, such as glass manufacturing, steel production, ceramics, and calibration laboratories. The chemical stability of platinum ensures that the sensor does not oxidize at high temperatures, maintaining reading accuracy for extended periods.
- See how to participate in our program of purchase of used platinum from Alutal
