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What Is The Price Of Platinum Per Gram?
One troy ounce of platinum is 31.10348 grams. So the approximate price of platinum per gram can be calculated as follows.
(price of platinum per gram) = (price of platinum per troy ounce) / 31.10348
Eg: If platinum is $1300 USD per ounce
(price of platinum per gram) = $1300 USD / 31.10348
(price of platinum per gram) = $41.796 USD
Use the chart on the top right to perform the calculation yourself.
How to know the platinum price
You can know what is the price of platinum per gram or per ounce from various online sites, which provided this information. You can also know the price in terms of dollars or any other currency that you wish. The global benchmark price or the ‘London fix’ is offered by the London Platinum and Palladium market. There are many trading centers such as the Tokyo Commodity Exchange, the Multi Commodity Exchange. In addition, there is the New York Mercantile Exchange and the Mid-American Commodity Exchange for trading in platinum futures.
What Influences platinum price
Not only is platinum a precious metal being increasingly used in jewelry, it is also an industrial metal, which is scarcer than gold. What is the price of platinum per gram depends on the demand and supply factors in the economy. The supply being very limited, the prices are subject to a lot of volatility and fluctuations. The key factors influencing the price also include the policies in the countries producing the metal, such as South Africa and Russia. The economic situation in the consuming countries also has an impact on the price. These consuming countries comprise of Japan, Europe and the United States. The price of other metals such as gold can also cause an impact on the price of platinum.
Setting the Platinum price
The London fix is the international benchmark for knowing what is the price of platinum per gram. This quotation is offered twice in one day and then the press agencies transmit the fixing all over the world. This price is then used by platinum producers and industries throughout the world. Sometimes, the price of platinum is quoted in the spot market in troy ounces and in order to know the price in grams the equivalent of 1 troy ounce equals approximately 31 grams. The platinum price is also referred to as the New York platinum price, the spot platinum price, the platinum bullion price and so on. They indicate the price of platinum on world platinum exchanges. You can see the prices displayed in the Federal Reserve Note dollars or FRN$ and you can also see them converted into any local currency that you wish.
By knowing what is the price of platinum per gram, you can know the inherent value of the metal and also the value of the underlying currency. If the price increases more in terms of dollars than in terms of euro, then this would indicate the dollar weakness when compared to the Euro.
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