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Platinum Price in 2023

In 2023, the price of platinum averaged $967 per troy ounce, up 0.4% from the year before. This page covers the 2023 average, high, low, and year-end close, the events that moved the market, and what that platinum would be worth in today's dollars.

2023 Average

$967

LBMA annual average, USD/oz

Change vs 2022

+0.4%

from $963 in 2022

2023 High

$1,143

from daily trading data

2023 Low

$838

from daily trading data

Year-End Close

$994

last trading day of 2023

What happened to the platinum price in 2023

Platinum averaged $967 per troy ounce in 2023, essentially unchanged from $963 in 2022. Daily trading data shows platinum moved between a low of $838 and a high of $1,143 during the year, ending 2023 at $994. The notable development of 2023: Persistent supply deficits from S.A..

The 2020s reversed platinum's fortunes. After a COVID crash to about $600, a multi-year supply deficit, a lease-rate squeeze, hydrogen-economy optimism, and a wave of Chinese investment demand carried platinum to a new all-time high near $2,920 an ounce in January 2026.

Adjusted for inflation, platinum's 2023 average of $967 equals about $1,023 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 2023?
Platinum averaged $967 per troy ounce in 2023, based on LBMA annual average data. Daily prices ranged from a low of $838 to a high of $1,143, and the year closed at $994. That average was up 0.4% from $963 in 2022.
What is a 2023 platinum price worth in today's dollars?
Adjusted with the US Consumer Price Index, platinum's 2023 average of $967 works out to roughly $1,023 in today's dollars, using 2025 as the CPI base year. The conversion uses BLS CPI-U annual averages, so treat it as a close approximation rather than an exact figure.
What moved the platinum price in 2023?
The defining story of 2023: Persistent supply deficits from S.A.. Against that backdrop, the annual average climbed 0.4%, from $963 in 2022 to $967.

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.