Platinum sets another record high

LONDON – The price of white metal platinum roared to another record peak on Thursday, owing to supply outages in major producer South Africa, traders said.

Platinum, used by the jewellery industry and in the manufacture of catalytic exhausts for cars, hit a record high US$1 450,75 an ounce on the London Platinum and Palladium Market. Platinum also drew strength from the weak dollar which neared a record low point against the euro yesterday.A weak US unit makes dollar-priced commodities cheaper for buyers using stronger currencies.In the past, platinum has gained almost 12 per cent in value, as the precious metal has benefited from tight global supplies and fierce demand.Nampa-AFPPlatinum also drew strength from the weak dollar which neared a record low point against the euro yesterday.A weak US unit makes dollar-priced commodities cheaper for buyers using stronger currencies.In the past, platinum has gained almost 12 per cent in value, as the precious metal has benefited from tight global supplies and fierce demand.Nampa-AFP