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Platinum Rate in Chennai (16th August 2022)

Aug 16, 2022
2,385 /Gram -50

Platinum, with the symbol Pt and the atomic number 78, is a chemical substance. It is a heavy, malleable, tensile, extremely unreactive, rare, transition metal that is silverish-white. Its name, meaning "little silver," comes from the latin word platino. Platinum is a component of the element group platinum and of the periodic component table group 10. It has six isotopes that occur naturally.

Today Platinum Price Per Gram in Chennai (INR)

Gram Platinum Rate
Today
Platinum Rate
Yesterday
Daily Price Change
1 gram 2,385 2,435 -50
8 gram 19,080 19,480 -400
10 gram 23,850 24,350 -500
100 gram 2,38,500 2,43,500 -5,000

Platinum Rate in Chennai for Last 10 Days

Date 1 gram 10 gram 100 gram
Aug 16, 2022 2,385.00 23,850.00 2,38,500.00 -50
Aug 15, 2022 2,435.00 24,350.00 2,43,500.00 -27
Aug 14, 2022 2,462.00 24,620.00 2,46,200.00 0
Aug 13, 2022 2,462.00 24,620.00 2,46,200.00 18
Aug 12, 2022 2,444.00 24,440.00 2,44,400.00 41
Aug 11, 2022 2,403.00 24,030.00 2,40,300.00 35
Aug 10, 2022 2,368.00 23,680.00 2,36,800.00 -38
Aug 9, 2022 2,406.00 24,060.00 2,40,600.00 44
Aug 8, 2022 2,362.00 23,620.00 2,36,200.00 -21
Aug 7, 2022 2,383.00 23,830.00 2,38,300.00 0

Weekly & Monthly Graph of Platinum Price in India

Historical Price of Platinum Rate in Chennai

  • Platinum Price Movement in Chennai, July 2022
  • Platinum Rates 1 gram
    1 st July rate Rs.2,271
    31st July rate Rs.2,286
    Highest rate in July Rs.2,286 on July 31
    Lowest rate in July Rs.2,161 on July 15
    Over all performance Rising
    % Change +0.66%
  • Platinum Price Movement in Chennai, June 2022
  • Platinum Price Movement in Chennai, May 2022
  • Platinum Price Movement in Chennai, April 2022
  • Platinum Price Movement in Chennai, March 2022
  • Platinum Price Movement in Chennai, February 2022

Facts of Platinum

You are not the only one if you are not sure which metal to use for your jewellery. Here are only a few platinum details that we have established as helping to separate it from the majority.

Difference between Platinum and White Gold

Platinum alloys are 90 per cent to 95 per cent pure as one of the most precious metals. Platinum is therefore so heavy that it can weigh about 165 pounds for a six-inch cube. White gold is a combination of 24k pure gold with whitening metals (plus other hardness metals) such as nickel or palladium. Although gold is yellow in its natural state, white gold can be slightly yellow in colour. Due to its white colour, great strength and toughness, Platinum is the best choice for diamond setups. Platinum is commonly alloyed with iridium or ruthenium to enhance toughness. It takes longer to create jewellery in platinum than in gold. And platinum can be significantly more costly than white gold because of its purity, density and longer processing time. 

Why Platinum is expensive?   

Platinum, among the most rare and valuable metals, earns a premium price that varies with the market requirements. Platinum is therefore so dense that it can weigh about 165 pounds for a six-inch cube. Which means that if it were gold, a ring made from platinum would weigh much more than the same ring would weigh. In comparison, platinum alloys are 90 percent -95 percent pure, while 58.5 percent pure gold is 14k gold and 75 percent pure is 18k gold. So this rare, dense precious metal makes up a higher percentage of the weight of an item. 'PT' for pure platinum or 'PT900' or 'PT950' must be stamped on platinum jewellery, showing the number of parts per thousand that are purely platinum. 

Platinum, once referred to as "white gold," is silver-white and has a variety of valuable qualities, which justify its use in a broad array of industries. It is highly resistant (which makes it known as a' noble metal') to tarnishing and corrosion and is very soft and malleable, making it easy to mould. It is also liquid, making it quick and unreactive to extend into wire, ensuring that it does not corrode and is unaffected by toxic acids.

Applications of Platinum Metal 

  • Platinum is used as a catalyst in chemical reactions.
  • It has found its usage as a catalytic converter in automobiles.
  • Apart from usage as a catalyst, the metal is used extensively for manufacturing jewelry.
  • Around 90% – 95% of the alloy is used in making jewelry, due to its shine and inertness.
  • It is manufactured into metal gauzes for preparing nitric acid and later used as a catalyst to enhance fuel cell efficiency.
  • The combination of platinum – cobalt, an alloy of roughly three parts of platinum and one part of cobalt is used to make strong permanent magnets.
  • The platinum-based anodes are used in steel piers, ships, and pipelines.
  • Platinum has found its usage in oxygen sensors.
  • It is used for the manufacture of anticancer drugs.
  • It is used in turbine engines.
  • It is used as an electrode.

What is the difference between Silver and Platinum metal?

At the very first glance, both silver and platinum will appear the same in terms of color. Yet both the metals are easily discernible to the human naked eye. Both silver and platinum have grey undertones. Platinum is much brighter and shinier whereas silver has a grey and duller appearance.

Pricing

When it comes to pricing, silver is one of the most affordable jewelry metals. Earlier, it was used mainly for the manufacture of pooja articles. But over some time, it is even used for making ornaments.

Platinum is a very expensive metal for making jewelry and it stands next to Rhodium which is found as a coating over gold to increase its durability.

Durability

Silver is a soft metal and hence it wears down quickly. Thus silver tarnishes easily. On the other hand, platinum has a high melting point and thus hardly requires other alloys to create an artifact. Rings made up of platinum are often 90% - 95% pure in nature. Hence it is perfect for everyday wear.

Skin Friendly

Platinum is best suitable for people who have sensitive skin.

Its naturally hypoallergenic nature usually does not cause any kind of skin irritation. Most people are not sensitive to ornamental metals. Yet few of them are allergic owing to the alloys used to design the jewelry.

Unexpected Uses of Platinum

Platinum, the white-silvery metal has several uses apart from its use in crafting jewellery.

Petroleum Industry

Platinum has found its use in the petroleum industry. Apart from cleaning up the air, the silvery-white metal has good catalytic properties and hence it has found its usage in the petroleum industry. Platinum mesh or gauze is used for the cracking process in fuel refineries. It plays an important role in extracting gasoline from crude oil and in making high octane fuels.

Hard Discs

Platinum has found its usage in the production of hard disk drive coatings and fibre optic cables. The rising number of personal computers will have a positive effect on the demand for platinum in the coming days.

The hard drive is one of the important components of the computer. It is on the hard disk the data will be stored. Each drive consists of one or more platters or disks where data will be stored on magnetic surfaces. The quantity of data which can be recorded on a given surface mainly depends on the strength of the magnetic field generated by the surface layer.

The revolution in technology has bought in a wide spectre of changes in the way discs are manufactured. Nowadays, more digital content is being created and shared on the online platform, hence high-speed broadband internet and stronger demand for higher capacity disk drives have led to more platinum usage in the manufacture of hard disks to enhance the storage capacity.

The proportion of the platinum used in the magnetic alloy has jumped from less than 10 per cent in 2002 to 35 per cent in 2007.

Chemicals

Platinum is used in explosives and fertilizers. It has also found its usage in the fabrication of silicones for the automotive, aerospace and construction sector. Platinum is used as a petrol additive to improve combustion and reduce engine emissions. Apart from this, as a catalyst in the production of biodegradable elements for detergents used for domestic purposes.

Medicine

Platinum is used in medicine to cure cancer. The wonder metal acts as an anti-cancer drug. It is used in neurosurgical equipment and as an alloy for dental restorations.

Glass

Platinum is used in glassmaking gadgets. It is used to manufacture fibreglass reinforced plastic.

Investment

Platinum can be used as an attractive investment tool and a way to hedge assets against the rallying inflation.

The idea of investing in platinum is growing across the globe. Its historic price performance, scarcely availability and unique fundamentals have attracted investors to invest in the silvery-white metal.

Disclaimer: There maybe definitely a variance in rates and prices. GoodReturns.in has made every effort to ensure accuracy of information provided; however, Greynium Information Technologies Pvt Ltd, its subsidiaries and associates do not guarantee such accuracy. The rates are for informational purposes only. It is not a solicitation to buy, sell in precious platinum. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates do not accept culpability for losses and/or damages arising based on platinum information provided. Platinum rates are the futures rates across all cities in India and hence there maybe price variation.

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