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- No Gold And Silver, Rhodium Made Investors Rich, Luxury SUV Can Be Found In The Price Of One Ounce
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Johannesburg14 hours ago
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From January 1 to the first week of March this year, the prices of rhodium have risen by more than 70 percent. This is the highest ever increase in any commodity. (Symbolic image)
- Rhodium is 17 times more expensive than gold, the price of 31.10 grams of rhodium is more than 21.30 lakhs
Which metal has rewarded investors in the last few months? The answer for most people would be gold, silver or platinum. But the correct answer is rhodium. Its price has increased by 70 percent in the last two months. Not only this, rhodium is also the most expensive metal in the world. Its price is so high that a good SUV can be bought for the price of one ounce of rhodium.
According to the Trading Economics website, from January 1 to the first week of March this year, the prices of rhodium have risen by more than 70 percent. This is the highest ever increase in any commodity. One troy ounce (31.10 grams) of rhodium in the international market is priced at $ 29,200 (more than 21 lakh 30 thousand rupees).
While the price of one ounce of gold is about 1 lakh 24 thousand rupees and the price of one ounce of platinum is 84920 rupees. In the last 5 years, the price of rhodium has increased up to 56 times. That is, if someone had invested 1 lakh rupees in rhodium 5 years ago, then his investment would have been worth 56 lakh rupees. Rhodium is a member of the transition metal group. It is silver-white, hard and durable. It has low electrical resistance and stable contact resistance. It is highly resistant to corrosion.
Prices of rhodium in the automotive sector are increasing due to rising prices
Rising prices of rhodium are the main reason behind the increasing demand in the automotive sector and the lack of supplies in its proportions. Rhodium is used in silencers of cars and other vehicles to reduce pollution in catalytic converters. Due to very stringent pollution emission standards across the world, its demand has increased significantly. The catalytic converter of vehicles uses PGM (platinum group metal ie platinum, rhodium and palladium).