Tuesday March 4, 03:42 PM
Platinum sets record high 2,279.25 dollars per ounce
LONDON (AFP) - Platinum prices spiked to an all-time peak close to 2,300 dollars on Tuesday as the white metal got fresh support on the back of a weak dollar and supply worries in key producer South Africa.
On the London Platinum and Palladium Market, platinum struck a record 2,279.25 dollars an ounce.
"Given the ongoing supply disruptions in South Africa and the scale of the deficit in the market this year, it seems platinum will continue pushing higher with its next target being around 2,400 dollars," said analyst James Moore at TheBullionDesk.com.
South Africa, which produces 75 percent of the world's platinum, is in the grips of a power crisis that has badly affected the country's mining industry.
Platinum, which is used in the production of expensive jewellery and catalytic converters in vehicles, has enjoyed a series of successive records over the past month.
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