Platinum powered to an historic high near $2,200 an ounce on Friday as supply problems in top producer South Africa triggered speculative buying, but erased gains later on profit-taking.
Platinum soared Thursday after a drop in the dollar drove traders to shift funds into hard assets as safe-haven investments. Gold and silver also hit records.
Gold futures rose to a new record of $958.40 an ounce on Thursday on a weakening dollar which boosted the metal's appeal as an inflation hedge. Platinum and silver also hit new record highs.
Platinum ended a record-setting streak on Wednesday after 14 straight days of gains as profit-takers stepped in, but analysts said it was likely to recover after a pause because of persistent supply problems.
Gold futures rallied near 3 percent on Tuesday, gaining the most in almost seven weeks on speculation of a weaker dollar while platinum surged more than 4 percent to another record high of $2,174 on persisting stockpile concerns from South Africa, the metals top producer.
Platinum soared to its 14th consecutive record high on Tuesday as investors continue to purchase the precious metal on persisting stockpile concerns from South Africa, the metals top producer.
Platinum set a lifetime high for the 14th straight day on Tuesday on strong speculative buying on the back of severe output problems in top producer South Africa.
Platinum surged over $2,100 an ounce for the first time, gaining more than 20 percent since late January after South Africa, the largest producing nation, continues to be hard hit by power cuts that forced mines to shut down operations. Gold remained steady.
The market for KPO or Knowledge Process Outsourcing, which follows the success waves created by ITO (Information and Technology Outsourcing) in the 1980s and the BPO (Business Process Outsourcing) in the 1990s, is expected to touch $10-17 billion by 2010 and India is well poised to grab a major share of the market, a research paper released by the global audit, tax and advisory services group KPMG has revealed.
Gold posted gains on Friday on concerns that interest-rate cuts in the U.S. will increase demand for the metal as an alternative to the dollar.
Copper declined on Thursday for a second day on speculation China's supplies will rise. Aluminum futures climbed.
Platinum continued its record high above $2,000 an ounce on Thursday after Impala Platinum Holdings Ltd., the second-biggest producer of the metal, reported a drop in output because of power cuts in South Africa. Palladium also gained.
Gold futures edged slightly higher on Thursday as the dollar fell against major currencies Thursday after Federal Reserve Chairman Ben Bernanke said the U.S. economic outlook had worsened and urged the central bank to support growth.
Platinum surged to a historic high above $2,000 an ounce on continuing concerns of lower output by South Africa, the world's largest platinum producer.
Gold futures edged lower on Wednesday while platinum surged to a historic high above $2,000 an ounce on continuing concerns of lower output by South Africa, the world's largest platinum producer.
Platinum gained on Tuesday amid concerns that shipments from South Africa might decline due to uncertainty over electricity supplies to the mines.
Gold futures tumbled sharply on Tuesday as traders cashed in profits from the precious metals after three days of steady gains.
Gold futures soared on Monday on a weakening dollar and increased concerns over supply cuts from South Africa, the world's second-largest gold producer.
Platinum prices hit yet another new high on Monday after the world's biggest platinum producer Anglo Platinum , said its output will drop again this year as a result of the current energy shortage in South Africa. Gold also gained.
Platinum prices hit a record high for the eighth straight trading day on Monday on worries power problems in top producer South Africa would hit output badly.
Gold futures closed with strong gains Friday, rising as the dollar traded lower against a basket of its major foreign-exchange counterparts. Platinum Gained.
Platinum futures hit a historic high for the sixth consecutive day, while gold also posted strong gains as continued concerns over supply shortages from South Africa boosted investors appeal for the precious metals.
