About the Platinum (troy ounce)
Platinum was first recognized as a distinct element in the mid-18th century. It gained prominence in the 20th century due to its unique industrial properties, particularly its use in catalytic converters.
The name 'Platinum' comes from the Spanish word 'platina', meaning 'little silver'.
Interesting Facts
Industrial Demand Driver
A significant portion of platinum's demand comes from industrial applications, primarily in catalytic converters for diesel engines, but also in jewelry and chemical processes.
Rarer Than Gold
Platinum is significantly rarer than gold, with annual production being only a fraction of gold's, contributing to its generally higher price and volatility.
A Platinum Group Metal
Platinum is one of the six platinum group metals (PGMs), which share similar properties and are often found together in nature.
Historical Timeline
Platinum is first brought to Europe from South America.
Large platinum deposits are discovered in South Africa.
Demand for platinum surges with the introduction of catalytic converters in automobiles.
Quick Facts
- ISO Code
- XPT
- Symbol
- oz
- Subunit
- (1/)
- Introduced
- 1735 (discovery)
Central Bank
- Name
- None (Market-determined)
Economic Data
Exchange Rates
What Affects the XPT Exchange Rate?
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