Platinum is classified as a highly-demanded precious metal because of its scarcity and low production; Moreover, for its versatility and various technical uses. It does not rust or tarnish; furthermore, it is inert, thus not affected by acids.
Platinum, or as some call it white gold, is widely used in the jewelry industry because it is brighter than silver. It is also used in the medical field (laboratorial and surgical equipment). Platinum is used in car manufacturing because of its high melting point and ability to endure the high temperatures of engines.
Platinum is traded in many spot markets including New York and London. Platinum is referred to by the symbol "XPT”.
Factors that Impact Platinum Prices:
The availability of the metal in markets impacts prices.
Platinum is used in several industries, such as car manufacturing. Thus, prices are impacted by factories’ conditions.
The price of platinum is usually linked to the price of gold with a reverse relationship between them, i.e. a rise in the price of gold lowers the price of platinum and vice versa.
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