This greyish-white Platinum is a rare metal on earth, but its uniqueness makes it precious in other metals. Julius C. Scaliger introduced this metal in 1557. The word platinum originated from the Spanish word Platina, which means “Little Silver.” Currently, South Africa is one of the most famous countries in platinum production.
Normally people are minimally aware of its imperative uses and priceless values. In Pakistan, the demand for platinum increases day by day because platinum use is steadily growing in the jewellery designing and investment sectors. Here I will express platinum price in Pakistan, properties, uses, factors that impact the platinum rate, and the current market trend of this metal.
Platinum Prices In Pakistan and International Market
Platinum metal prices in rupees and other currencies are listed below. You can also explore the other metal details on our website.
| Platinum Types | 1 Gram | 10 Grams | 1 Tola | 1 Ounce | 1 Kg |
|---|---|---|---|---|---|
|
Pakistan (PKR) |
8,500.9 |
8,5009 |
99,120.4 |
2,41000 |
8,500,900 |
|
UK (GBP) |
23.5 |
235 |
274.01 |
666.2 |
23,500 |
|
South Africa (ZAR) |
555.8 |
5,558 |
6,480.6 |
15,756.9 |
555,800 |
|
Saudi Arabia (SAR) |
116 |
1,161 |
1,353.7 |
3,291.4 |
116,100 |
|
US (USD) |
30 |
300 |
349.8 |
850.5 |
30,000 |
|
Europe (EUR) |
27.8 |
278 |
324.1 |
788.1 |
27,800 |
|
China (CNY) |
221 |
2,210 |
2,576.8 |
6,265.3 |
221,000 |
|
Japan (JPY) |
4,516 |
45,160 |
52,656.5 |
12,8028 |
4,516,000 |
History Of Platinum Prices In Pakistan
| Platinum Trend (Last 30 Days) | 1 Gram | 1 Ounce | 1 Kg |
|---|---|---|---|
|
Lowest Rate |
PKR 4,232.18
|
PKR 1,19980 |
PKR 4,232,100 |
|
Highest Rate |
PKR 8,500.9 |
PKR2,41000 |
PKR 8,500,900 |
Factors That Impact On Platinum Rate
Various factors influence the platinum rate in local and international markets. Some of the most effective impacts are listed below;
Industrial Applications
The price of platinum will always rise when the entire country experiences instability. Platinum is being utilised in various industries, particularly in the preparation and design of vehicles. Other industries also use this metal but the percentage in vehicle converters is more than that. So when the industrial demand is high the platinum rate impacts local markets and its price rises.
Substitution Other Metals
Palladium and rhodium can affect platinum prices in Pakistan and other countries. Because all these metals have the same physical properties and industrial uses. The only difference is
Palladium is commonly found in electrical applications and jewellery, rhodium is used in reflectors and plating, and platinum is frequently used in jewellery, medical equipment, and converters. The unique difference is Rhodium is more expensive than the other two because of its rarity and brightest colour. So platinum rate will automatically influence when these two metals are used more.
Market Sentiments
The current price of platinum is stable compared to the previous year due to 5 to 10% economic stability. But market sentiment means an overall mode of investors and government attitude toward this metal. Inflation in a country, GDP growth and unemployment are all factors that cause major effects on market sentiments. Thus, the demand for platinum may rise as a result of the favourable sentiment.
Exchange Rate
Platinum exchange rate will be affected by US dollar fluctuation. When the supply and demand ratio exceeds in a country then investors are curious to know about its price. Because when the dollar will be strong then the platinum rate will be high in local currencies and people will invest in this metal.
Properties Of Platinum Metal
In the scientific world, platinum has more value because of its diverse properties like melting point, density, electrical conductivity, chemical stability strength and hardness. Some of them are briefly explained below;
Chemical Stability
According to its inert nature, platinum does not easily react with surroundings that makes it superior in the use of medical equipment. That’s why platinum has more chemical stability than other metals even though it is stable in high temperatures. In catalytic converters platinum works as a catalysis that also makes it more stable.
Density
The density of platinum is 21.45 g/cm³ which is why it is heavier than other metals. Due to its heavy weight sometimes it is ideal in various applications and also jewellery items look more solid than silver like platinum rings, pendants, etc.
Strength and Hardness
Platinum has more advantages than gold even though gold is expensive because platinum is not easily damaged with daily usage. Its hardness and strength make it unique, and long-lasting in jewellery and maintain its brightness. This property has also benefits in industries because it is not easily deformed under high temperatures.
Frequently Ask Questions
Conclusion
In the end understanding the situations and factors that influence the Platinum prices in Pakistan and the global market is important for metal investors especially those who invest maximum in the metal industry. Sometimes you can take advantage of this rare metal, it doesn’t matter if the price is high or low. Everyone can know the country’s conditions and how political policies change, dollar rate, supply demands and sentiments. So for getting a regular update from metal industries visit our website and stay updated with international and local market trends.
If you want to know more about this platinum chemical element, you can check here on wikipedia.