Precious Metals

Four precious metals, four different markets

All four are quoted in US dollars per troy ounce (31.1035 g), and the prices here are Swissquote spot quotes, re-read at least every five minutes. Gold is bought mainly as jewellery, bars and coins, and by central banks as a reserve asset.

Silver is cheaper and far more volatile, and more than half of its demand comes from industry: electronics, solar panels and brazing alloys. Palladium goes mostly into the catalytic converters that clean car exhaust, and those converters are also platinum's largest single use, so both prices follow car production and emission rules more than inflation or interest rates.

Supply of the last two is concentrated: South Africa mines most of the world's platinum, and Russia and South Africa together produce most of its palladium. A mine strike or a sanction can therefore move these prices sharply in a way it rarely moves gold.