Platinum prices opened at $966.70 per ounce today, up 0.16% from yesterday and down 2.13% from the start of the year. The precious metal hit a low of $949.10 per ounce and a high of $970.45 within the last 24 hours.
Investors can track the spot price of platinum in various currencies like euros and British pounds. Factors influencing the price of platinum include demand changes, geopolitical events, and tensions in major platinum-producing countries.
Currently, platinum trades at $966.70 per ounce compared to gold at $2,323.35 per ounce. Platinum prices are down 2.13% year to date, while gold prices are up by 12.44%. Historically, platinum has been more expensive than gold due to its scarcity, but market conditions can cause fluctuations.
The price of platinum futures lets investors speculate on future price movements. The automotive and industrial industries are major consumers of platinum, with hydrogen technology expected to increase demand in the future.
Platinum prices have a volatile history, hitting a peak of $2,213 per ounce in 2008. Prices remain historically low, but investments in platinum can help diversify portfolios and protect against economic uncertainties. Investors looking to invest in platinum should consider their financial goals and market conditions.
