The current price of platinum opened at $991.25 per ounce, showing a slight decrease from the previous day but an overall increase of 0.35% since the beginning of the year. The lowest trading price in the last 24 hours was $988.50 per ounce, while the highest reached $1,003.85 per ounce.
Platinum, known for its scarcity and unique properties, is often more expensive than gold historically. However, the price of platinum is influenced by factors such as demand, geopolitical events, and tensions in major producing countries like South Africa and Russia.
The spot price of platinum has fluctuated significantly over the years, reaching a high of $2,213 in 2008 and dropping as low as $623.50 during the pandemic in 2020. While prices have recovered, they remain historically low compared to previous highs.
Investors can trade platinum through physical bullion, exchange-traded products, or futures contracts. The automotive and industrial sectors are major drivers of platinum demand, with potential future growth expected in hydrogen technology.
For investors seeking a scarce metal to diversify their portfolios and protect against economic uncertainties, platinum remains an attractive option. Despite its price fluctuations, platinum’s rarity and industrial uses make it a valuable asset for long-term investment strategies.
