Rhodium Prices: Check Live & Historical Rhodium Spot Prices
Rhodium Price Today
|Rhodium Spot Price||Spot Change|
|Rhodium Price per Ounce||$12,500.00||0.00||
|Rhodium Price per Gram||$401.88||3.21||
|Rhodium Price per Kilo||$401,884.33||3,215.07||
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Check the price of rhodium with Money Metals Exchange's interactive live and historical chart. The chart below allows you to check gold spot prices dating back 20 years up to the current date.
What Is Rhodium?
Rhodium is a precious metal in the platinum group, which likens it to platinum and palladium. It is often found in platinum or nickel ores and sometimes as an alloy. Rhodium’s silvery appearance makes it popular for jewelry plating, especially for sterling silver.
Rhodium acts as a catalyst in the automotive industry, where it functions as a catalytic converter, eliminating harmful emissions like carbon monoxide and creating less environmentally-damaging gas.
This isn’t its only benefit as a catalyst—it’s used in many industries to alter chemical bonds, too. Rhodium is corrosion-resistant and very hard compared to other metals.
Rhodium is one of the most valuable precious metals. In fact, rhodium prices are much higher than gold prices.
Who Sets Rhodium Prices?
Rhodium prices are influenced by two things—the automotive industry and supply and demand.
Because rhodium is one of the rarest metals in the world, supply struggles to catch up to demand. Nearly all rhodium comes from South African mines, which has made distribution difficult, especially with mining strikes in past years.
Recycling also affects rhodium prices. Rhodium is now recycled from catalytic converters, which has closed the margin between supply and demand. As recycled supply rose earlier this decade, rhodium prices fell. They have risen sharply since their 2016 lows, and they’re predicted to continue doing so.
The auto industry is the other major factor in rhodium prices. Because it is the largest consumer of rhodium, its demand dictates rhodium prices above all other industries. Since the supply/demand gap has once again widened after recycling began, rhodium prices are surging toward another all-time high.
Rhodium Prices vs. Gold
As a much rarer precious metal than gold, rhodium has recently traded at more than three times the gold price. Rhodium’s scarcity means that its distribution equals about 1% of gold’s availability. There are many more gold mines than rhodium mines, which accounts for the vast price difference between the two.
Rhodium is used in more practical applications, like the auto industry, whereas gold is often decorative or alloyed with other metals. Gold isn’t as hard or as durable as rhodium, which also contributes to its lower pricing.
While the difference between gold and rhodium prices may astound you, rhodium is over 200 times as expensive as silver bullion. They’re hardly comparable because of the value difference.
Is Rhodium a Good Investment?
Rhodium can be a tricky metal for investing. While the demand for rhodium outweighs the supply, it still has a very specific market, which can make selling difficult. The possibility of rhodium prices rising over $10,000 per ounce might be attractive, but you should know that this isn’t a guarantee; nor is it a steady market.
Rhodium can be turned into bullion bars like other precious metals metals, making it convenient for investors to hold. Baird & Company, located in London, produces .999 pure rhodium bars.