Consumers Switching to Platinum as Gold Price Soars

(IDEX Online) - Consumers are switching from gold to platinum as the price gap between the metals widens, according to a report published today (15 April) by the Platinum Guild International (PGI).

In the US, unit sales of platinum jewelry fell (-10% year-on-year), says its Q4 2025 Platinum Jewellery Business Review, but the value increased (+48% year-on-year).

The PGI does not provide hard figures on volumes or values, but says its strategic partners reported double-digit revenue growth during the quarter.

Platinum traditionally traded above gold, but the switch came in December 2008 during the global financial crisis.

Gold is now more than twice the price of platinum. Today's spot prices show gold at approximately $4,825 per ounce and platinum at about $2,148 per ounce.

White gold remains less costly than platinum though, because it is generally used in an alloy with palladium or nickel.

"The momentum we observed across key regions in the fourth quarter validates platinum's growing relevance in today's jewellery market," said Tim Schlick, CEO of PGI.

 "With gold prices remaining elevated, platinum continues to offer a premium yet accessible alternative that appeals to value-conscious consumers and luxury buyers alike."

Retail sales of platinum jewelry grew 10% by value in India, and 7% by volume in China.