When it comes to precious metals, many people believe that platinum is a better investment than gold. This is because platinum is rarer than gold, and it has more industrial uses. But, Is Platinum Expensive Than Gold In India?The answer, of course depends on a number of factors including the quality of the metal, the market price, and the current exchange rate.
In this blog post, we will explore the cost of platinum and gold in India and see which metal is the better investment!
Which metal is more expensive in India Platinum or Gold?
The Quality Of The Metal : Platinum Vs Gold
Gold and platinum are both precious metals with a long history of use in jewelry and other decorative items. However, there are a few key differences between the two metals. For one thing, gold is softer and more malleable than platinum, which means it can be more easily shaped into various designs. Platinum is also much rarer than gold, which makes it more expensive.
In terms of durability, platinum is the clear winner: it is much more resistant to scratches and tarnishing than gold. One of the main reasons why platinum is more expensive than gold is because it is a higher quality metal. Platinum jewelry will last longer and hold its value better than gold jewelry. However, some people prefer the warmer tone of gold over the cooler tone of platinum. Ultimately, the choice between gold and platinum comes down to a matter of personal preference.
The Market Price : Platinum Vs Gold
The market price of gold and platinum can fluctuate significantly from day to day, and even hour to hour. However, in general, gold is currently worth more than platinum. This is due to a variety of factors, including supply and demand. Platinum is a relatively rare metal, which makes it more valuable than gold, which is more abundant. The market price for precious metals can fluctuate daily, but in general, platinum costs more per ounce than gold. As of October 2022, platinum was selling for about $1,250 per ounce while gold was selling for around $1,900 per ounce. That means that platinum is currently about 34% cheaper than gold. Of course, this could change at any time depending on market conditions.
In addition, investors tend to view gold as a safe haven during times of economic instability, which drives up its price. Since platinum is produced in lower quantities than gold also increases the price of platinum. If the economy of the world is dull, the buying capacity of the people reduces the value of platinum and will also decrease. However, the market price of both metals can be affected by a number of different factors, so it is important to stay up to date on the latest developments.
The Currency Exchange Rate
Another factor to consider is the exchange rate between the US dollar and the Indian rupee. As of October 2022, one US dollar was equal to about 82 Indian rupees. That means that when you compare the price of platinum and gold in India, you have to take into account the fact that platinum costs less in US dollars than gold does. When you factor in the exchange rate, platinum is actually cheaper than gold in India right now!
Read more about platinum usage in other industries
The platinum industry is not only developed due to the making of jewelry. In many industries, it is used on a large scale, especially in the automobile industry. For example, in the last four decades the number of cars and trucks produced, particularly cars and trucks, engines are made of platinum
Platinum is also used for producing computer hard disks, thermometers, and LCDs. Even for cancer chemotherapy platinum compounds are being used.
Platinum-made Jewelry is called pure jewelry, because jewelry made by gold should have mixed with other metals like copper. Even in platinum jewelry other metals are added, but 95% will only be platinum. Only 5% of other metals will be used to make the jewelry. That is why it is called the purest jewelry.
To understand the rarity of platinum it easily, in a year roughly 2600 tonnes of gold is produced and 17000 tonnes of silver is cut. But for platinum, only 160 tonnes can be produced approximately. Platinum can be found only in fewer quantities. Platinum is a very strong metal so its melting point is 3214 degrees Fahrenheit. But for gold, the melting point is 1948 degrees Fahrenheit. Only if we can give too much heat then we can melt platinum.
So, what’s the verdict? Is platinum more expensive than gold in India? It depends on a number of factors including the quality of the metal, the current market price, and the exchange rate between the US dollar and the Indian rupee. However, in general, platinum is more expensive than gold.