Platinum Price in 1971
In 1971, the price of platinum averaged $112 per troy ounce in its first year as a freely traded metal. This page covers the 1971 average, high, low, and year-end close, the events that moved the market, and what that platinum would be worth in today's dollars.
1971 Average
$112
LBMA annual average, USD/oz
What happened to the platinum price in 1971
Platinum averaged $112 per troy ounce in 1971, according to LBMA annual average data. Platinum began trading freely in 1971 at around $110 an ounce, still a niche industrial and jewelry metal years before catalytic-converter rules and European diesel adoption would transform its market. The notable development of 1971: Platinum begins free trading.
Platinum spent the 1970s establishing itself as a freely traded precious metal. From about $112 an ounce in 1971 it was carried higher by the decade's two oil shocks, accelerating inflation, and the first wave of automotive catalytic-converter demand after US emissions rules took effect, reaching $445 by 1979.
Adjusted for inflation, platinum's 1971 average of $112 equals about $891 in today's dollars. The conversion uses US Bureau of Labor Statistics CPI-U annual averages, so treat it as a close approximation rather than an exact figure.
Frequently Asked Questions
What was the price of platinum in 1971?
What is a 1971 platinum price worth in today's dollars?
What moved the platinum price in 1971?
Annual averages are LBMA and Johnson Matthey platinum prices per troy ounce in US dollars. Where shown, the yearly high, low, and close come from MetalCharts daily historical data and may differ slightly from figures published elsewhere. Inflation adjustments use BLS CPI-U annual averages.