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In 1973, metal dealers established "London Platinum and Palladium Quotation"—a forerunner of the fixings. The prices for platinum and palladium were settled twice a day on the spot market. In 1979, leading dealers from London and Zurich signed an agreement to standardize the origin and specifications of the metals of the good delivery quality.
Listed here are mainly average market prices for bulk trade of commodities. Data on elements' abundance in Earth's crust is added for comparison. As of 2020, the most expensive non-synthetic element by both mass and volume is rhodium. It is followed by caesium, iridium and palladium by mass and iridium, gold and platinum by volume.
Spot gold is traded for settlement two business days following the trade date, with a business day defined as a day when both the New York and London markets are open for business. Unlike many commodity markets , the forward market for gold is driven by spot prices and interest rate differentials, similar to foreign exchange markets , rather ...
The price for palladium reached an all-time high of $2,981.40 per ounce on May 3, 2021, [98] [99] driven mainly on speculation of the catalytic converter demand from the automobile industry. Palladium is traded in the spot market with the code "XPD". When settled in USD, the code is "XPDUSD".
Rhodium daily price 1992-2022 Price of gold 1915-2022 Palladium prices 1977-2022 This section needs additional citations for verification . Please help improve this article by adding citations to reliable sources in this section.
LBMA's wholly owned subsidiary, Precious Metals Prices Limited, owns the Intellectual Property Rights for the daily spot benchmark prices for gold, silver, platinum and palladium. The administration and calculation of the prices are managed by independent third parties across electronic auction platforms.
Platinum is traded in the spot market with the code "XPT". When settled in United States dollars, the code is "XPTUSD". As the cost of platinum per ounce fell, the cost per ounce for other metals in the platinum group - especially palladium - rose strongly. As of November 2022, palladium sits at around US$1900 per ounce, compared to US$980 for ...
These prices are more an indication than an actual exchange price. Unlike the prices on an exchange, pricing providers tend to give a weekly or bi-weekly price. For each commodity they quote a range (low and high price) which reflect the buying and selling about 9-fold due to China's transition from light to heavy industry and its focus on ...