The price of platinum
April 1st 2010 and the price of precious metals continues to rise. The first quarter of this year has seen a 17.4% growth in price of palladium (bringing it to its highest since March 2008), 12% growth in the price of platinum (its highest since August 2008) and a smaller 1.5% increase in the price of gold.* Gold has now hit ,114 per ounce and none of the prices have yet peaked.
No doubt the price of platinum in the UK will now rise even more steeply due to the recent shutdown of a smelter at the world’s third largest platinum producer Lonmin. They hope to be back up and running in about 40 days but who knows what the knock-on effect will be this month.
The car industry uses platinum in catalytic converters, and with this industry showing big signs of recovery, the demand, and therefore price, is growing. And with the wedding season just around the corner, demand for rings will further push the price of platinum upwards.
Here at Blackcarat Wedding Rings we keep a close eye on the price of platinum, palladium and gold, so the price you see one week may not be the same the next. So, with prices rising for the unforeseeable future, now is the best time to invest. Summer shopping for rings may prove way more expensive… there’s no time like the present!
* Source: Reuters.
Blackcarat’s Wedding Rings Blog
Blackcarat’s Wedding Ring Blog