Platinum Spot Prices for the Last 30 days

What is Platinum 'Spot Price'

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 contracts for future delivery. The spot price of platinum is the current price that contract futures are being traded for potential delivery of a contract. As futures. most platinum and other precious metals are sold long before the platinum ore is mined or refined into .995 pure form.

Platinum bullion dealers buy, sell and price their products in relation to the ask and buy spot prices. The spot price of platinum refers to the price of one troy ounce of platinum. Platinum bullion must be of a specific fineness in order to be accepted into LBMA or COMEX storage vaults.

The ask spot price is what people, commodity traders and bullion dealers is the platinum spot price that they will be selling at per ounce. The buy spot price is the price at which the same groups will be buying platinum.

Investing in physical platinum has the advantage of providing direct ownership of the metal, often traded in the form of bars or coins, which can be bought or sold at precious metal dealers. Platinum bars and coins come in a range of sizes, from as small as 1 gram up to 1 kilogram and larger for a substantial store of wealth. Typical sizes like 1 oz platinum bars and 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?

A troy ounce is a unit of measure for weighing precious metals that dates back to the Middle Ages. Originally used in Troyes, France, the troy ounce is now the standard unit of measure for precious metals like gold, silver, and platinum.

One troy ounce is the equivalent of 31.1034768 grams, which is a little more than the standard avoirdupois ounce that weighs 28.3495 grams. There are 12 troy ounces in a troy pound, rather than 16 ounces found in the 'avoirdupois' pound more commonly used for measuring weight in the United States.

The Troy Ounce, abbreviate as "t oz" or "oz t", is roughly 10% heavier than the avoirdupois ounce. When you see precious metal prices quoted, such as the spot price of gold or silver, it is typically quoted per troy ounce.

Where did the Troy Ounce Come From?

The troy ounce originated from the French town of Troyes, a major trading hub during 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, and it became the official standard for gold and silver in Britain in 1527 under King Henry VIII.

Many aspects of the troy weight system are derived from the Roman monetary system. Troyes was a market town where the English and French began trading goods as early as the 9th century A.D. The Earl of Derby's written accounts of his travels throughout Europe in 1390 contain the first known written use of the troy weight system in describing the weight of a silver platter.