Platinum and Palladium: Uses, Prices and How to Buy Them

Precious metal price pages list two names alongside gold and silver that are less familiar in the Gulf: platinum and palladium. Both are rare and valuable, but their prices move for quite different reasons from gold's.

This guide explains what they are, what they are used for, why their supply is concentrated in so few places, why platinum has traded below gold for years, and how individuals can buy them if they want to.

What platinum and palladium are

Both belong to the platinum group metals, six elements that also include rhodium, ruthenium, iridium and osmium. They share a silvery-white colour, strong resistance to corrosion and an ability to speed up chemical reactions without being used up, which is what makes them so valuable to industry.

Platinum is heavier than gold, at about 21.4 grams per cubic centimetre against about 19.3, so a platinum ring weighs more than a gold ring of the same size. Palladium is much lighter, at around 12 grams per cubic centimetre.

Where they are used

• Catalytic converters: the biggest use of palladium, mainly in petrol cars, and a major use of platinum, which has traditionally been linked to diesel engines. Carmakers can swap one for the other to a degree, depending on price and technology.
• Jewellery: platinum jewellery is usually 950, meaning 95% platinum, and is often stamped Pt950. Palladium goes into some white gold alloys and is also made into jewellery at 950 or 500.
• Industry and medicine: catalysts for chemicals and oil refining, glass-making and electronics, plus dental alloys and some medical devices.
• Hydrogen: platinum is used in fuel cells and in some electrolysers that produce hydrogen, an area the market watches as a possible future source of demand.

Because most demand for both metals is industrial, their prices react to car industry news, emissions rules and the shift to fully electric cars, which need no catalytic converter, more than to the forces that move gold.

Supply concentrated in two countries

Mine output is heavily concentrated. According to US Geological Survey estimates, South Africa alone produces about 70% of the world's mined platinum, while Russia and South Africa together produce around four-fifths of mined palladium, with Russia the larger producer.

That makes prices sensitive to news from two countries: power cuts or strikes at South African mines, and sanctions or export disruption involving Russia. Recycling softens this somewhat, as a significant share of supply each year comes from the catalytic converters of scrapped cars.

Why platinum now trades below gold

For long periods platinum cost more than gold. In early 2008 it rose above 2,000 US dollars an ounce, roughly twice the gold price at the time. Since early 2015, however, it has traded below gold, and that was still the case at the time of writing in 2026; the gap widened a great deal as gold climbed in recent years.

There is no single agreed explanation, but analysts commonly point to a few factors:

• Gold has a monetary role: central banks and investors buy it in uncertain times, whereas platinum depends mainly on industrial demand.
• The share of diesel cars in Europe, a large consumer of platinum, fell after the diesel emissions scandal of 2015.
• Electric cars raise questions about long-term demand for catalytic converters.

Palladium took a different path. It overtook gold in late 2018 and stayed more expensive for most of the next four years, then fell sharply. Swings like these are a reminder that both metals are more volatile than gold, and that past patterns do not decide the future.

Reading the live prices

Like gold, both metals are priced globally in US dollars per troy ounce. Right now platinum is about 1,544.00 dollars an ounce and palladium about 1,044.00 dollars, against 4,072.10 dollars for an ounce of gold.

To turn an ounce price into dirhams per gram, divide by 31.1035 and multiply by 3.6725, the fixed dollar-to-dirham rate. For example, if platinum were 2,000 dollars an ounce, a gram of pure platinum would be about 236 AED and a gram of 950 platinum about 224 AED, before making charges and VAT. Our platinum prices and palladium prices pages do these sums for you, live.

How individuals can buy them

There are three common routes, each with limits:

• Bars and coins: made by recognised refiners and mints and sold by some bullion dealers in the UAE and the Gulf, though they are far less widely available than gold, especially palladium.
• Jewellery: platinum 950 wedding bands and other pieces are sold in some shops, but making charges are high because platinum is harder to work, so they are not a savings product.
• Exchange-traded funds: funds listed on international exchanges track the metal price and can be bought through a licensed broker. You do not hold the metal yourself, and you pay annual fees.

Before buying, bear in mind that dealer spreads on both metals are usually wider than on gold and that buyers are scarcer in the Gulf, so ask about buy-back first. In the UAE, investment platinum of 99% purity or more can be zero-rated for VAT under conditions, like investment gold and silver, while jewellery carries 5% at the time of writing (2026). Palladium is not among the metals that rule names, so ask the dealer which rate applies and check with the Federal Tax Authority. This is general information, not financial advice.

Frequently asked questions

Is platinum more expensive than gold?

It was for long stretches in the past, but it has traded below gold since early 2015, up to the time of writing. Compare the two live prices whenever you need to, because the relationship can change.

What is the difference between platinum and white gold?

Platinum is naturally white and is usually 95% pure in jewellery. White gold is gold, typically 18K, alloyed with white metals and often rhodium-plated for extra whiteness, which may need redoing over time. Our guide to gold karats covers 18K in more detail.

Is palladium suitable for small savers?

Palladium is highly volatile, its market is small, investment products are scarce in the Gulf and it can be hard to sell locally. Anyone interested should understand those risks first, compare product prices with the global price and confirm that a buy-back is possible.

Platinum and palladium matter a great deal to modern industry, and knowing what drives them helps you read their prices realistically before you make any decision.