The price of platinum as traded by a division of the New York Mercantile Exchange Comex on Wednesday morning, January 10, increased by 2.25% and reached $ 1.21 thousand per troy ounce.
The price of this precious metal last exceeded the $ 1.2 thousand mark for such a volume in February 2015.
How the analytic service is drowning Trading Economics, in February, platinum rose in price by 12% on the back of stable demand from the automotive sector. Also, the growth of its value, according to experts, was influenced by the weakening of the US dollar and the economic recovery stimulated by vaccines against coronavirus.
On February 8, the cost of a triple ounce of platinum for the first time since 2016 reached $ 1.17 thousand.
Platinum is one of the most scarce metals in the world and is used primarily in the manufacture of automotive catalytic converters, in oil refineries, as well as in the chemical and electrical industries.
Earlier, in January, the world markets recorded a rapid increase in prices for precious metals of the platinum group, in particular for rhodium and palladium. The cent growth was due to high demand in the real sector. Unlike gold, which is mainly used for storage and in the jewelry industry, the industrial value of palladium has grown enormously in recent years.