This is the change in the price of the metals from the price at the end of the previous trading session. PLATINUM FUTURES CHANGE (CHANGE FROM PREVIOUS CLOSE) If it is January 18 at 5:00 PM and platinum is quoted at $1,025 then we would show a change of +25.00 at that time. If it is January 17 at 6:30 PM and the price is $1,002, we will show a change of +2.00. For example: Platinum last traded at $1,000 at 5:00 PM on January 17. Change is always the difference between the current price and the price at 5:00pm. We use the last quote at 5:00 PM as the close of that given day. Here’s why: The time the market stops trading in New York on weekdays is for a 60 min period, from 5:00 PM New York time until 6:00 PM. Weekdays from 6:00 PM NY time until midnight the previous close is from the current day. This is the change in the price of the platinum from the previous close, which is not necessarily the previous day. The difference between the spot price and the future price, when expressed as an annual percentage rate is known as the “forward rate”.ĬHANGE (CHANGE IN PLATINUM PRICES FROM PREVIOUS CLOSE) The difference is determined by the number of days to the delivery contract date, prevailing interest rates, and the strength of the market demand for immediate physical delivery. In normal markets, the futures price for platinum is higher than the spot. The future price, which we also display on this page, is used for futures contracts and represents the price to be paid on the date of a delivery of platinum in the future. There is usually a difference between the spot price of platinum and the future contract prices. SPOT PLATINUM PRICES VS PLATINUM FUTURES PRICES For example, this occurs when an investor with a long position sells that position prior to delivery notice. The great majority of futures contracts are offset prior to the delivery date. There are two different positions that can be taken: A long (buy) position is an obligation to accept delivery of the physical metal, while a short (sell) position is the obligation to make delivery. They also provide speculators with an opportunity to participate in the markets by lodging exchange required margin. Hedgers use these contracts as a way to manage their price risk on an expected purchase or sale of the physical metal. The contracts are standardized by a futures exchange as to quantity, quality, time and place of delivery. Platinum futures are used both as a way for producers and market makers to hedge their products against fluctuations in the market, and as a way for speculators to make money off of those same movements in the market.Ī precious metals futures contract is a legally binding agreement for delivery of a metal in the future at an agreed-upon price. The platinum is one of a number of commodity futures, wherein contracts are entered into, agreeing to buy or sell the precious metals at a certain price at a specified future date. For the high and low values, we are showing the lowest bid and the highest ask of the day. Whenever bullion dealers in any of these cities are active, we indicate this on our website with the message “Spot Market is Open”. New York, London, Sydney, Hong Kong, Tokyo, and Zurich are where most of the trading activity takes place.
The spot market is trading very close to 24 hours a day as there is almost always a location somewhere in the world that is actively taking orders. Transactions for bullion coins are almost always priced using the spot price as a basis. The spot platinum prices refers to the price of the precious metals for immediate delivery. Most of the platinum produced is used in the auto sector in auto catalytic converters, which are used to reduce emission from gasoline and diesel vehicles. A small amount of PGM metals are used in jewelry but they are mostly known for their industrial uses within the automotive sector. Along with being a precious metal, platinum is part of a unique subcategory referred to as Platinum Group Metals (PGM). However, some investors have seen the precious metal as a store of value in recent history. Other precious metals are sometimes referred to as monetary metals, but platinum has never been used as global currencies. There are five main precious metals openly traded on various exchanges, platinum has the second smallest futures market. This is a classification of specific metals that are considered rare and have a higher economic value compared to other metals. Platinum Price Guide WHAT MAKES PLATINUM A PRECIOUS METAL?
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