Platinum touches new record high price

The price of platinum soared to a new record on Thursday in New York when it touched $1,617.90 per troy ounce, a gain of $58.80, on demand from investors as opposed to buyers who use the metal in manufacturing.

Platinum is used in jewelry and also in the manufacture of pollution-control devices for motor vehicles.

Gold was also much higher today, but remained below recent record highs, after the euro gained ground on the US dollar.

February gold added $23.90 to $907 per troy ounce shortly after the close of floor trade in New York and was earlier up to $911.10 per troy ounce.

March silver, meanwhile, gained 36 cents to $16.33 per troy ounce.

Copper prices also climbed, helped by new data which showed that China’s economy grew by 11.2 percent in the fourth quarter.

March copper added 10 cents to $3.17 per pound on March contracts in New York while three-month copper was up $165 to $7,035 per tonne in late afternoon trade in London.

Other base metals followed suit, with nickel adding $595 to $27,500 per tonne after three days of declines.