Spot Platinum Price Today
View the live spot platinum price per troy ounce, gram, and kilogram. This is the current price at which a raw ounce of platinum can be bought and sold for immediate delivery in the commodities markets. The spot price fluctuates due to global trading, making it important to stay informed on market conditions, current events and other metrics, as they affect both selling and buying of platinum. Dealers add a premium to this price to cover their overhead.
| Platinum Spot Price | Today | Change |
|---|---|---|
| Price Per Ounce | $966.7 | $0.00 |
| Price Per Gram | $31.08 | $31.08 |
| Price Per Kilo | $31079.40 | $31079.40 |
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What is 'Spot Platinum Price'
The spot platinum price serves as a benchmark for buyers and sellers. For instance, the prices of retail platinum products, like coins or bars, are often set based on the platinum spot price plus a premium to account for production costs, dealer markup, etc.
Platinum, like other precious metals, is a highly valued metal due to its rarity, density, and uses in various industries such as automotive, jewelry, and electronics. Refined .995 pure platinum is traded traded globally on various commodities exchanges markets around the world.
Platinum can be an effective way to diversify your investment portfolio with a tangible asset that you can hold in your hand and store easily at home. As a hard asset, its value is intrinsic and can serve as a store of value and a hedge against inflation.
Like other precious metals, platinum trading is performed based on commodities contracts for future delivery. The spot price of platinum is the current price that contract futures are being traded for potential delivery of the contract. As futures. most platinum and other precious metals are sold long before the platinum ore is mined or refined into .995 pure form.
Bullion dealers buy, sell and price their platinum coins and bars in relation to the ask and buy spot prices. The spot price of platinum generally refers to the price of one troy ounce. In order to be accepted into LBMA or COMEX storage vaults, the platinum bullion must be of a minimum .995 fineness.
Investing in physical platinum has the advantage of providing direct ownership bars or coins, which can be bought, sold and traded via precious metal dealers and brokers. Platinum bars and coins are available in a range of sizes to fit all investment budgets, from as small as 1 gram, to up to 1 kilo and larger for a substantial store of wealth. Standard sizes, such as 1 oz platinum bars, as well as smaller fractional sizes can offer more flexibility and easy liquidity for selling at a later time.
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Platinum Uses
Platinum is a versatile and valuable metal with a wide range of uses across various industries due to its physical and chemical properties.This lustery white metal is highly resistant to corrosion, oxidation and chemical attack, even at extremely high temperatures. The melting point of platinum is roughly 3,214 degrees Fahrenheit, making it ideal for use in environments with harsh conditions, such as in chemical processes and the automotive industry.
Its durability, rarity, and lustrous appearance also make it a popular choice for crafting high-end jewelry pieces. While its chemical properties make it suitable as a catalyst, and it is used in the chemical reactions needed to make nitric acid and in automobile catalytic converters to reduce greenhouse gases and other emissions.
Platinum is biocompatible, meaning it is well-tolerated by the human body and does not cause adverse reactions, making it suitable for medical applications, including dental work, cochlear implants, coronary stents, cardiac pacemakers, intraocular lenses and retinal implants and other life saving devices.
The aerospace industry demands materials that can withstand extreme conditions, high temperatures, and corrosive environments. Platinum's unique properties fulfill these requirements in the critical components of jet engines, rocket thrusters, and other aerospace propulsion systems.
What is a troy ounce?
The troy ounce originates from the Roman monetary system and was used throughout the Middle Ages in Europe. The term "troy" is believed to be derived from the city of Troyes in France, a major trading hub in the 9th and 10th centuries where merchants from around the world would trade goods.
The troy system was later adopted by the British and other countries for weighing precious metals like gold, silver, and gemstones. In 1527, King Henry VIII officially adopted the troy ounce as the standard unit of measure for gold and silver in England, further solidifying its use in precious metal transactions.
Troy ounce facts
- 1 troy oz is the same as 31.1034768 grams, compared with an avoirdupois ounce, which is 28.3495 grams.
- There are 12 troy ounces in 1 troy pound.
- The troy ounce is often abbreviated as "t oz" or "oz t".
- The troy ounce is roughly 10% heavier than the avoirdupois ounce.
- Precious metal prices are almost always quoted in troy ounces.
Where did the Troy Ounce Originate?
The system was introduced to England in the 9th Century by traders doing business with Byzantine Empire. The system was named after the Roman trading city of Troyes in France, a major trading city in the Middle Ages. This system of measurement spread throughout Europe for the trade and exchange of precious metals.
The troy system was introduced into England following the Norman Conquest in 1066. By the 1400s, the troy weight system was officially adopted in England for the trading and weighing of precious metals. The British Pound Sterling, originally denoting a pound of sterling silver, reflects this ancient connection between weight and currency. The troy measurement system became the official standard for gold and silver in Britain in 1527 under King Henry VIII.
It's worth noting that the troy ounce is heavier than the more common avoirdupois ounce that is used to weigh most other items in the U.S. The troy system's division into 12 ounces (reflecting the old Roman libra) is also in contrast to the avoirdupois system's division of 16 ounces to a pound.
Today, the troy weight system is used almost exclusively in the precious metals industry. When you buy an ounce of gold or silver, it's a troy ounce. Similarly, when precious metals are mined, they're weighed using the troy system.
