How the 1 tael of platinum price in GBP is calculated
Every figure on this page starts from the global platinum spot price, which is quoted in US dollars per troy ounce. Right now that is $1,579 per ounce. A troy ounce weighs 31.1035 grams, so one gram of pure platinum costs $50.76. We convert that to British Pound at the live rate of 1 USD = 0.7442 GBP, giving £37.77 per gram of pure metal.
For pure (999) metal, that means £37.77 per gram and £1,175 per troy ounce. Multiplying by the weight of 1 tael gives the headline value of £1,414. Compared with yesterday's reference price, the value is up 2.67% in GBP terms.
The formula
Value = spot price per ounce ÷ 31.1035 × grams × purity × USD/GBP rate. Our calculator above applies this formula instantly to any weight and purity.
Worked examples with today's numbers
- 10 grams of 999 Fine platinum: 10 × £37.77 × 0.999 = £377.34
- 10 grams of 950 platinum: 10 × £37.77 × 0.95 = £358.84
- 10 grams of 900 platinum: 10 × £37.77 × 0.9 = £339.95
- 10 grams of 850 platinum: 10 × £37.77 × 0.85 = £321.06
- One kilogram bar of pure platinum: £37,772
What moves the platinum price
Platinum is driven by automotive catalyst demand, mine supply from South Africa and Russia, and growing interest from hydrogen fuel-cell technology. Supply disruptions can move the price quickly.
Catalytic converters, chemical and petroleum refining, glass making, medical devices and fine jewelry account for most platinum consumption. In British Pound terms, the exchange rate matters as much as the metal itself: if the GBP weakens against the US dollar, the local price rises even when the dollar price is flat.
Tips before you buy or sell
- Compare dealer quotes with the melt value shown here. A fair buy-back offer for bullion is usually within 2–5% of spot; for jewelry and scrap expect 70–95%.
- Platinum jewelry is usually 950 fine and is denser than gold, so a ring of the same size weighs more. Dealer buy-back spreads on platinum tend to be wider than on gold.
- Weigh items on a calibrated scale in grams. Kitchen scales are often off by more than 1 gram, which can change the value of 1 tael of platinum materially.
- Check prices at different times of the day. The market trades almost 24 hours on weekdays and the most liquid period is the London and New York overlap.
- Remember that VAT, import duty and making charges are not included in spot prices. See our methodology for details.
Spot price vs. retail price
The spot price is the wholesale price for large, good-delivery bars traded between banks and refiners. Retail products cost more because of minting, assaying, insurance, shipping and dealer margin. Small coins and bars can carry premiums of 3–10% for gold and 10–30% for silver, while jewelry adds design and labor costs. When you sell, you receive a price based on spot minus the buyer's spread, so the figures on this page are the best neutral reference for negotiating.
Price data is provided by MetalflowAPI and refreshed about every minute. Values are indicative and not an offer to buy or sell.