What is Platinum? Is Platinum expensive than gold?

Introduction of Platinum

Although this is not actually silver but look like silver. Platinum's price is higher than gold.  His name is Platinum.  It is a rare metal.  Every year, only one country in the world produces about 80 percent of platinum.  As a result, with the increase in the use of jewelry, its price has also skyrocketed.  Over the past decade, that has risen from ০০ 500 per troy ounce to about  1,300.

How cost it is? 

 One troy ounce of pure platinum requires about 10 tons (3 lakh 21 thousand 506 troy ounces) of ore.  So the cost of production is higher than other metals.  As a result, the price is also higher.  The metal is also used in various industries including car making. 

demand for platinum

In addition to industry, the demand for platinum for jewelry making is increasing every day.  The lack of skills required by artisans to make platinum jewelry is also one of the reasons for this increase in prices. 

producer of platinum

South Africa is the top producer of platinum in the United States, according to Global Investors.  The country produced 1 lakh 10 kilograms in 2016, which is 6 percent of the global share.  Russia is the second-largest producer of precious metals.  The country has lifted 21,000 kilograms, which is 13 percent of the global share.  In addition, Canada contributes 3 percent, Zimbabwe 2 percent, the United States 2 percent, and other countries 2 percent.  If the price of gold rises by 10 percent in different countries, platinum rises by about 20 percent due to lower imports. 

Why it cost so high 

The price of the metal also depends on the fluctuation of the value of money.  For example, if the price of the platinum ever falls in the foreign market, the price of money in the dollar will fall in the country, but its price will not decrease that much.  It is generally seen that its price is about 20 percent higher than that of gold in the country.  Now where the price of 10 grams of gold is around 45 thousand, the same amount of platinum is about 6 thousand rupees.  Silver, white gold, or white gold (gold mixed with rhodium), and platinum are all white metals, so there is no difference in appearance.  The other two metals are also cheaper than platinum.  Even with prolonged use, platinum does not decay.  As a result, when you make jewelry, the look stays the same for many days. 

The uses of Platinum

The use of platinum is more in this case as it helps to hold diamonds better in jewelry than other metals.  As a result, although the price is high, it is far ahead of the rest in terms of long-term investment in jewelry.  Platinum prices have been rising steadily for the past few years.  It is expected that the price will continue to rise in the coming days in the country.  Special markings are given to distinguish platinum according to its purity, as in gold (24 carats) and jewelry gold (22 carats).