ESKOM

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 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.

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.

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.

Platinum futures scaled a record high above $1,819 an ounce early Wednesday on continued concerns over supplies from top producer South Africa after the country started experiencing power cuts which have hindered mining operations. Gold also rose on investor demand.

Gold futures ended lower Tuesday, after surging to a record in earlier trading session, as traders predict the Federal Reserve will cut borrowing costs by half a percentage point on Wednesday and mining resumes in South Africa following power cuts.

Gold and platinum prices surged to new records on Friday on deteriorating electricity shortages in South Africa, a top producer of the precious metals, increased the supply demand.