What’s up with Platinum Prices These Days?
Platinum has the second smallest futures market among the five primary precious metals openly traded on several platforms. Although other precious metals are occasionally called monetary metals, platinum has never been utilized as a global currency.
Platinum is a precious metal that belongs to a distinct subgroup known as Platinum Group Metals (PGM). PGM metals are utilized in jewelry in tiny amounts, but they’re best recognized for their industrial use in the automobile industry.
Spot Platinum Price
The price of platinum for immediate delivery is referred to as spot platinum prices; it’s used as a foundation for bullion coin transactions. Since there’s always a location that is actively taking orders somewhere in the world, the spot market trades 24/7. Moreover, New York, London, Sydney, Hong Kong, Tokyo, and Zurich are the most active trading centers.
How Are Live Spot Prices Decided?
All precious metals marketplaces have standard prices set on a daily basis that are applied for commercial deals and manufacturer contracts.
Trading activity on decentralized Over-The-Counter (OTC) markets decides the spot price for platinum. As an OTC isn’t an official trade, prices are discussed directly with members, with most dealings taking place digitally. Financial associations play an essential role in the spot market as market makers by arranging a bidding session.
The up-to-date value of platinum as of November 03, 2021, is $1,039.30 per ounce.
Platinum futures is a commodities futures contract in which clients agree to purchase or sell precious metals at a fixed price and on a fixed date in the future. Market makers apply platinum futures to protect their assets from market instability.
A precious metals futures agreement is a lawfully binding contract for the delivery of valuable metal at an assured price in the future.
There are two options for you to choose from: A long position, also called buy position, entails the responsibility to receive actual metal delivery, whereas a short position, also called sell position, entails the obligation to deliver. Before the delivery date, the majority of futures contracts are offset.
Platinum futures were hovering at $1050 per troy ounce, down from a near 3-month elevated $1,064 earlier this month. Meanwhile, a worldwide semiconductor chip scarcity that happened in early 2021 is expected to continue next year, putting pressure on platinum prices because the metal is used in automotive catalytic converters.
You may get statistics on Platinum prices in US Dollars, Euros, and Pounds. The non-payment depiction of Platinum pricing is in Troy Ounces, but the prices can be displayed in grams and kilograms.
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