Platinum Price Monthly and Annualy

The Price of Platinum in International Commodity Markets for March 2024 is 908.75 dollars per metric tonne, as estimated by the World Bank. In comparison to the previous month, February 2024, when Platinum was valued at 894.29 dollars per metric tonne, there has been a net change of 14.46 dollars. This represents a percentage increase of 1.59%. Looking back to March 2023, the Platinum price stood at 970.61 dollars per metric tonne. The current data reflects a dynamic market with a modest increase in Platinum prices from March 2023 to March 2024, signaling potential shifts in global economic trends.

Platinum Price in Last 12 Months World Bank

Source: World-bank
Last Updated: 21 Apr 2024
Index Last 12 Months Nominal US Dollars($/troy oz) Net-Chg Percentage-Chg
13March 2023$ 970.61--
12April 2023$ 1,050.74 $ 80.137.63 %
11May 2023$ 1,062.73 $ 11.991.13 %
10June 2023$ 970.64 $ -92.09-9.49 %
9July 2023$ 950.42 $ -20.22-2.13 %
8August 2023$ 925.00 $ -25.42-2.75 %
7September 2023$ 920.90 $ -4.10-0.45 %
6October 2023$ 891.90 $ -29.00-3.25 %
5November 2023$ 905.75 $ 13.851.53 %
4December 2023$ 935.47 $ 29.723.18 %
3January 2024$ 925.86 $ -9.61-1.04 %
2February 2024$ 894.29 $ -31.57-3.53 %
1March 2024$ 908.75 $ 14.461.59 %

Platinum Price Annual World Bank

Platinum Price in 2023 was 966.36 dollars per metric tonne estimated by the world bank.

In the previous year, 2022 Platinum Price was 961.72 dollars per metric tonne. The net change in Platinum Price in 2023 was 4.64 dollars which is about a 0.48% increase in price.

Year Nominal US Dollars($/troy oz) Net-ChangePercentage-Change
1960 $ 83.50--
1961 $ 83.50 $ 0.000.00 %
1962 $ 83.50 $ 0.000.00 %
1963 $ 80.93 $ -2.57-3.18 %
1964 $ 88.48 $ 7.558.53 %
1965 $ 98.04 $ 9.569.75 %
1966 $ 99.72 $ 1.681.68 %
1967 $ 110.25 $ 10.539.55 %
1968 $ 117.21 $ 6.965.94 %
1969 $ 124.19 $ 6.985.62 %
1970 $ 132.50 $ 8.316.27 %
1971 $ 123.04 $ -9.46-7.69 %
1972 $ 127.13 $ 4.093.22 %
1973 $ 152.18 $ 25.0516.46 %
1974 $ 184.98 $ 32.8017.73 %
1975 $ 169.87 $ -15.11-8.90 %
1976 $ 159.65 $ -10.22-6.40 %
1977 $ 158.32 $ -1.33-0.84 %
1978 $ 260.65 $ 102.3339.26 %
1979 $ 442.80 $ 182.1541.14 %
1980 $ 679.10 $ 236.3034.80 %
1981 $ 447.48 $ -231.62-51.76 %
1982 $ 328.29 $ -119.19-36.31 %
1983 $ 423.31 $ 95.0222.45 %
1984 $ 357.81 $ -65.50-18.31 %
1985 $ 292.50 $ -65.31-22.33 %
1986 $ 465.04 $ 172.5437.10 %
1987 $ 555.72 $ 90.6816.32 %
1988 $ 530.34 $ -25.38-4.79 %
1989 $ 509.64 $ -20.70-4.06 %
1990 $ 471.59 $ -38.05-8.07 %
1991 $ 375.82 $ -95.77-25.48 %
1992 $ 359.69 $ -16.13-4.48 %
1993 $ 374.03 $ 14.343.83 %
1994 $ 405.26 $ 31.237.71 %
1995 $ 424.34 $ 19.084.50 %
1996 $ 397.11 $ -27.23-6.86 %
1997 $ 394.92 $ -2.19-0.55 %
1998 $ 372.28 $ -22.64-6.08 %
1999 $ 376.95 $ 4.671.24 %
2000 $ 544.63 $ 167.6830.79 %
2001 $ 529.53 $ -15.10-2.85 %
2002 $ 539.51 $ 9.981.85 %
2003 $ 691.71 $ 152.2022.00 %
2004 $ 845.35 $ 153.6418.17 %
2005 $ 896.53 $ 51.185.71 %
2006 $ 1,140.78 $ 244.2521.41 %
2007 $ 1,304.94 $ 164.1612.58 %
2008 $ 1,574.50 $ 269.5617.12 %
2009 $ 1,203.40 $ -371.10-30.84 %
2010 $ 1,609.75 $ 406.3525.24 %
2011 $ 1,719.48 $ 109.736.38 %
2012 $ 1,550.84 $ -168.64-10.87 %
2013 $ 1,486.55 $ -64.29-4.32 %
2014 $ 1,383.57 $ -102.98-7.44 %
2015 $ 1,053.20 $ -330.37-31.37 %
2016 $ 987.09 $ -66.11-6.70 %
2017 $ 948.45 $ -38.64-4.07 %
2018 $ 879.55 $ -68.90-7.83 %
2019 $ 863.99 $ -15.56-1.80 %
2020 $ 883.39 $ 19.402.20 %
2021 $ 1,091.13 $ 207.7419.04 %
2022 $ 961.72 $ -129.41-13.46 %
2023 $ 966.36 $ 4.640.48 %

Introduction

Welcome to our comprehensive guide on understanding and leveraging the platinum price market. In this article, we will delve into the intricate details of platinum pricing, exploring its significance, factors that influence it, and strategies to capitalize on this precious metal. Whether you're an investor, jeweler, or simply curious about platinum, this article will equip you with the knowledge to navigate this dynamic market.

Understanding Platinum Price

Platinum, known for its rarity and versatility, has been highly valued for centuries. The platinum price refers to the cost of one troy ounce of platinum in the global market. Similar to other precious metals such as platinum and silver, platinum's price is influenced by various factors. Understanding these factors is essential for investors and industry professionals to make informed decisions.

Factors Influencing Platinum Price

 1. Supply and Demand

The availability of platinum and its demand in industries such as automotive, jewelry, and technology significantly impact its price. A decrease in supply or an increase in demand often leads to higher prices.

 2. Economic Conditions

Platinum prices are influenced by macroeconomic factors such as inflation, interest rates, and overall economic stability. During times of economic uncertainty, investors tend to seek safe-haven assets like platinum, driving its price up.

 3. Geopolitical Factors

Political instability, trade agreements, and regulations imposed by governments can affect the platinum market. Geopolitical tensions or disruptions in major platinum-producing regions may impact supply, resulting in price fluctuations.

 4. Currency Movements

As platinum is traded globally, fluctuations in currency exchange rates can impact its price. A stronger dollar generally makes platinum more expensive for holders of other currencies, potentially affecting demand.

 5. Investor Sentiment

Market sentiment, speculations, and investment trends can influence platinum prices in the short term. Major events or news related to platinum's applications, market forecasts, or changes in investment patterns can trigger price movements.

Strategies for Leveraging Platinum Price

 1. Investment Opportunities

Platinum can be a valuable addition to an investment portfolio. Investors can consider purchasing platinum bars or coins, investing in platinum-focused exchange-traded funds (ETFs), or trading platinum futures contracts. Conduct thorough research and consult with a financial advisor before making investment decisions.

 2. Jewelry and Luxury Goods

Platinum's durability, luster, and rarity make it a preferred choice for fine jewelry. Jewelers can leverage platinum's unique properties to create exquisite pieces that appeal to discerning customers. Highlighting the premium quality and timeless elegance of platinum jewelry can attract consumers who appreciate luxury goods.

 3. Industrial Applications

Platinum's catalytic properties and corrosion resistance make it indispensable in various industrial applications. Promote the use of platinum in sectors such as automotive, electronics, and healthcare, emphasizing its role in reducing emissions, enhancing product performance, and enabling technological advancements.

 4. Environmental Awareness

Given platinum's environmental benefits, raise awareness about its sustainable characteristics. Its use in catalytic converters helps reduce harmful emissions from vehicles, contributing to cleaner air quality. Position platinum as a responsible choice for consumers who prioritize eco-friendly solutions.

 5. Educational Content

Create informative and engaging content that educates the audience about platinum's unique qualities, historical significance, and investment potential. Develop articles, videos, and infographics that cater to different segments, addressing their specific interests and concerns.

Conclusion

In conclusion, understanding the platinum price market is crucial for investors, businesses, and enthusiasts alike. By comprehending the factors influencing platinum prices and implementing effective strategies, one can navigate this market with confidence and potentially reap significant rewards. Whether you aim to invest in platinum, craft exquisite jewelry, or leverage its industrial applications, a deep understanding of platinum's value proposition will be the key to success.

Remember, staying updated with market trends, conducting thorough research, and seeking expert advice are essential steps to making informed decisions in the ever-evolving platinum price landscape.