Platinum
 

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 automobiles, making it such an important industrial metal. In fact, it is more rare than gold. Its rarity, wear and tarnish resistant properties make 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. In 2008, it dropped to 2/3rd’s of its value.

History of Platinum

Platinum is the most valuable of all precious metals but this has not always been the case. When Spanish Conquistadors discovered it 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."

Trading time

XPT/USD can be traded on our platform during 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.

Contract Specifications for Platinum

Class

Symbol

Description

Commodity

XPT/USD

Platinum quoted in U.S. Dollars

Standard Tradable Quantity (also called a LOT)

50 troy ounces (1 standard lot)

Minimum Tradable Quantity (the fraction of lot available to trade)

5 troy ounces (1 troy ounce = 31.10348 grams approximately)

Base Currency (Currency used for margin, P&L and other calculations)

United States Dollars

Tick Size (The least incremental change in the price of the commodity)

0.01 (example price: $1452.21 changes to $1452.22 at least)

 

العقود مقابل الفروقات (CFD): 
Precious-Metals