Platinum rises on continuing power problems in South Africa
by Elaine Frei
April contracts for platinum saw substantial gains in New York on Thursday after South African state-owned utility Eskom was unable to deliver all of a promised increase in electricity supplies to miners there after a 5-day shutdown due to power shortages.
Platinum hit a record high of $1,741 per troy ounce before sliding back to $1,737.40 per troy ounce in New York, still a gain of $50 on the session.
March silver was also higher, adding 24 cents to $17 per troy ounce after going as high as $17.04 earlier in the session on demand by speculators and on gains in other precious metals prices.
April gold saw less significant gains as it was up $2.20 to $928.50 per troy ounce at the close of floor trade in New York.
Some analysts expect gold to undergo a correction after substantial price gains into record territory recently, with some of them saying that the chances of such a correction are growing.
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