Business | Markets
Gold, platinum prices hit record
Gold and platinum prices hit record highs on Friday as power cuts shut all South Africa's mines, including many of the world's biggest.
- Agencies
- Published: 17:59 January 25, 2008
London: Gold and platinum prices hit record highs on Friday as power cuts shut all South Africa's mines, including many of the world's biggest.
Gold topped $920 per ounce while platinum hit $1,697 on the
power crisis in South Africa, the world's top producer of
bullion.
The closures are the latest in a string of problems for the
South African mining industry, which has been beset by closuresdue to fatal accidents and strikes over safety.
By 1340 GMT, spot gold stood at $916.10/916.80, compared
with $907.00/907.70 an ounce in New York on Thursday, while platinum was at $1,690/1,695 from $1,606/1,611.
Both metals rose more than 30 per cent in 2007.
Oil and base metals also firmed, with worries about demand
allayed for now as a US tax stimulus package and the prospectof further rate cuts helped soothe fears of a looming recession.
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