Platinum is a white chemical element that occurs naturally. It has the atomic number 78 and the symbol Pt. It is found on the periodic table and has the symbol Pt. Platinum is a rare element that is heavier and more difficult to work with than gold. Platinum and gold are mixed to make white gold. Platinum is used in medicine to cure a variety of ailments, and it is also utilized in electronics due to its many special qualities. In this article, we will see about ‘How Much Is Platinum Worth Per Grams Ounce?’.
How Much Is Platinum Worth Per Grams Ounce?
Platinum prices, like those of other precious metals, are subject to legal disputes, geopolitical concerns, and overall demand. However, because South Africa mines nearly 75 % of all platinum, this stands out as a tool when analyzing current prices. The electric power supply for the mines, for example, can have an influence on the price. Because of the high demand in the automotive industry, transitioning between platinum and other elements such as palladium can result in price fluctuations over a lengthy span of time.
The troy ounce, which has been the recognized weight of metals in the United States and abroad since the 1800s, is used to price platinum. Furthermore, a variety of factors influence the spot price of platinum, including the economy, political events, and the strength of other currencies. Platinum prices are updated on regular basis. We mean “often” when we say “in a matter of seconds.”
The platinum price per ounce was reported to be 928,78 USD on June 7, 2012, with the greatest period of stagnation being 45 seconds. The cause for the frequent price changes is due to supply and demand, as well as the overall economy. It could pique your interest to learn that from Sunday to Friday, the prices are changed every second but from 5 pm EST to 6 pm EST ON Saturday, the prices are static.
Price Change In Platinum Over Time
The following are a few of the price spikes in platinum prices in recent years.
Between October 2006 to around March 2008, there was a 119 percent increase which was from $1053 per ounce to $2308 per ounce. Between October 2008 to the quarter of 2010, there was a 133 percent increase from $752 to $1759 per ounce and from May 2010 through August 2011, there was a 32% increase that is, from $1446 per ounce to $1918 per ounce.
Between December 2011 and February 2012, the price of gold increased by 29%, from $1347 to $1739 per ounce. Between July 2012 through February 2013, there was a 26% increase which was from $1378 to $1744 per ounce. Also, From June to August 2013, there was a 20% increase that is, $1295 to $1558 per ounce. Finally, Between December 2013 through July 2014, there was a 16 percent increase, the price went from $1311 to $1523 per ounce with a gain of 47 percent.
History Of Platinum With Jewelries
Platinum was first mentioned in 1557 when it was classified as “unmeltable” and assigned the name “platina,” which was derived from Latin, which means “small silver.” Ancient people in Egypt and America used a mixture of platinum and silver or gold for jewelry and other beautification items. Platinum metal ingots and coins are advised as a vital aspect of portfolio diversification in today’s precious metals market, making platinum investing a unique possibility.
Platinum was brought from South Africa to Europe in the 1700s, where experts experimented with it for some years before it was employed in household items and decorations.
Platinum became popular for jewelry in the late 1800s. Earrings, pendants, chains, and even a headpiece was made from it. This crown was created for Queen Elizabeth to wear at the crowning of her husband. The crown’s frame was composed of platinum, which was then encrusted with about 3,000 diamonds.
Conclusion
Now we have learnt ‘How Much Is Platinum Worth Per Grams Ounce?’, Platinum prices are always denoted in US dollars per troy ounce, but they can be translated to any other currency. So, if you want to get platinum worth in gram per ounce, you’ll have to convert it or get the equivalent value, as such, it’s impossible to quote its equivalent because it’s such a volatile value. Platinum prices are the same all around the world, with the dealer’s premium pricing being the sole difference. This is the gross profit of the dealers.
Frequently Asked Questions
- How invaluable is platinum?
Platinum has a vast range of commercial applications. The automobile sector is one of the biggest users of platinum. Platinum’s ability to tolerate heat enables it to be an element for catalytic converter production. Apart from the automotive business, platinum is in high demand in the medical industry. Platinum is employed in many anti-cancer medications, also, it is a great metal for making medical equipment. According to a study carried out in 2014, platinum-containing medicines are used by 50% of all patients undergoing chemotherapy. Apart from these two primary sources of consumption, platinum is used in more common industrial applications for precious metals, such as mechanical components, equipments, and ornaments.
