Platinum Trading Basics
Platinum (XPT/USD) is a precious and very rare, malleable, ductile, grey-white metal with a very high melting point. It is extremely resistant to corrosion and is an excellent electrical conductor. It is also used as a catalyst in catalytic converters in automobile which makes it such an important industrial metal. It is rarer than gold. Its rarity, wear and tarnish resistant properties makes this metal the ideal choice for crafting fine jewelry and high-end watches.
Platinum’s many important applications and together with the fact that the metal is extremely rare makes this noble metal the priciest and most valuable of all precious metals. Many people first get introduced with platinum when buying an engagement or a wedding ring. Platinum is a commodity as well; its bullion has the ISO currency code of XPT. Coins, bars, and ingots are traded or collected. As with every commodity, XPT/USD prices get more volatile sometimes. It dropped to 2/3rd of its value in 2008
History of Platinum
Platinum is the most valuable of all precious metals but it was not always so. When it was discovered by Spanish Conquistadors in the 17th century while panning for gold in the Choco region in what is now Columbia, platinum was considered a nuisance as it interfered with their mining operations. The word platinum comes from the Spanish word platina, meaning “little silver.”
XPT/USD can be traded on our platform on the following times
12:00 am to 11:00 pm (Central European Time) Monday to Friday.
10:00 pm to 09:00 pm (GMT) Sunday to Friday.