Price of Platinum: Live & Historical Charts
Live Platinum Prices Today
|Platinum Spot Price||Spot Change|
|Platinum Price per Ounce||$888.30||-0.25||
|Platinum Price per Gram||$28.56||-0.01||
|Platinum Price per Kilo||$28,559.38||-8.17||
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Check live and historical platinum prices with Money Metals Exchange's interactive chart. The chart below allows you to check the price of platinum today or historical prices dating back 20 years. Hover over the chart to see the spot price for that particular day.
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Platinum price, much like other precious metals, varies based on multiple factors. Savvy investors recognize platinum, gold, palladium, and silver prices are always changing. Before investing, check current precious metal charts and commodities updates to determine what is happening in the platinum market. Discover more about this the historical value of this transition metal as well as its value today.
What is Platinum?
Platinum is a dense, malleable metal represented by the symbol Pt and atomic number 78. This metal is also ductile, corrosion resistant, and highly unreactive with a very high melting point. The name comes from the Spanish term “platina,” which translates into little silver. According to historians, South Americans discovered this rare, valuable metal before the Europeans arrived. The largest producers of platinum are South Africa and Russia. A small amount of this gray-white metal is produced every year because it is not commonly found in the Earth's crust.
Common Uses for Platinum
Investors buy platinum coins and bullion by the gram or ounce. And this metal is quite desirable for jewelry. For generations, platinum has been used to make ornaments, rings, watches, and other jewelry. An enduring platinum wedding ring represents forever to a bride and groom. But the largest application of platinum is manufacturing catalytic converters in vehicular emission control units. Almost half the platinum produced is used by this industry. Also, spark plugs, dental work, medical instruments, and cancer medications are made with platinum.
A Brief History of Platinum
Traces of platinum were found in the gold used in hieroglyphics and ancient Egyptian tombs dating back to 1200 BC. It is believed early Egyptians did not realize there was platinum in their gold. Pre-Columbian Americans in modern-day Ecuador used platinum alloy to make artifacts. In 1557, the first European reference to platinum was made by Italian humanist Julius Caesar Scaliger. He referred to it as an unknown noble metal found between Mexico and Darien. The Spanish forbade the adulteration of gold with platinum impurities, and often it was thrown away.
The official discovery of platinum occurred in the 1700s and was credited to Antonio de Ulloa. The metal was found to be neither calcinable or separable. Chemists across Europe started to study the unusual metal with a very high melting point. Henrick Scheffer published a detailed scientific description of platinum in 1752. He referred to it as “white gold” and described it as less pliable than gold with a similar resistance to corrosion. A major moment in history occurred in 2007 when Gerhard Ert won the Nobel Prize in Chemistry for determination the molecular mechanisms of the catalytic oxidation of carbon monoxide over platinum.
Investing in Platinum
Platinum bullion has the ISO currency code of XPT. Ingots, coins, and bars are traded or collected, similar to gold and silver bullion. The price of platinum is more volatile than gold. In fact, the price of platinum varies widely. For example, platinum plummeted to a loss almost 2/3 of its value in the year 2008. The price of platinum tends to be double the price of gold during times of sustained economic growth and stability. When economic times are uncertain, the price can fall below the price of gold because of reduced industrial demand. Since 2011, the stock level of platinum decreased as mining supplies fell and recycling rates slowed down. After a multi-year decline, the price of platinum began to increase again in 2016. However, in 2015, platinum's daily benchmark in London (LBMA is a center of the world's bullion market) fell below the price of gold per ounce.
Smart buyers and sellers can reference the MoneyMetals.com website, the NASDAQ, world currencies, and the stock exchange in real time for up-to-the-minute data. Trying to forecast pricing in the days ahead is nearly impossible.
The Prestige of Platinum
The prestige of platinum continues despite what’s happening with its actual market value. The metal’s use in jewelry is highlighted in ads featured in luxury publications. Minute surface scratches, referred to a patina, are spotlighted by marketers to try to enhance the value of platinum products. High-end watchmakers use platinum for their limited-edition watch series including Rolex, Breitling, and Vacheron.
Platinum is also associated with wealth and exclusivity. A platinum credit card typically offers greater privileges than a gold one. The highest awards are referred to as platinum awards, ranking above bronze, silver, and gold but generally below diamond. And the frame of the Crown of Queen Elizabeth The Queen Mother, manufactured for her coronation, is made of platinum. Plus, platinum secures all the famous diamonds in the world, including Hope and Jonker I.
Rare Facts About a Rare Metal
There are a few interesting, little-known facts about this rare metal. With rarity in mind, it is believed meteorites and the moon have a higher percentage of platinum than Earth. Louis XV of France was so impressed with the scarcity of platinum, he deemed it the only metal fit for a king. When an album sells one million copies, it is referred to as a platinum album in the music industry.
Platinum is also precious to many patients using dental crowns, pacemakers, and other equipment in the human body because this metal resists corrosion from body fluids and functions. Regardless of the platinum price today, this metal is always perceived as valuable.
Because platinum price varies, a wise investor works with professional to buy and sell at the right time. Money Metals Exchange provides Platinum Spot Price Live & Historical Chart: Quotes in USD.
Investors respect Money Metal Exchange as a trustworthy resource for precious metals. Safeguard your assets without paying pricey middleman markups or dealing with bait-and-switch sales tactics. Self-reliable investors recognize the value of buying platinum and other precious investment metals from Money Metal Exchange. Contact us today to find out more about platinum price and how you can safeguard your assets from the devaluing dollar.