Traditionally, platinum has been more expensive than gold. Both are expensive rare metals. Platinum has more industrial applications than gold, though. It is an essential part of the catalytic converter in gasoline and diesel powered vehicles.

In the past half decade, however, vehicle manufacturers have started to replace platinum in the catalytic converter for palladium. This has led to a decrease demand in platinum and an increase in the demand of palladium (which has increased its price and now it is more expensive than gold.

In spite of this, however, recently, the price of platinum has started to rise. There has been a disruption in the mining operations throughout the world due to the COVID-19 pandemic. This has caused a decline in the supply of platinum. Moreover, it has been noticed that platinum has a significant use in the fuel cells of electric vehicles. These reasons may power further increases in the platinum price.

Acknowledgements

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