More gains in platinum prices
by Elaine Frei
The price of platinum rose again on Friday on speculation that the power shortages affecting mining operations in South Africa will cut supplies of the metal more than had been estimated as electricity supplies are expected to remain below normal for at least the next month.
April platinum added $32.80 to $1,770.20 per troy ounce in New York, a new record high.
Gold prices, on the other hand, were lower after the US dollar strengthened versus the euro on new data showing that US manufacturing activity expanded unexpectedly in January after contracting in Decmeber.
April gold dropped $15.20 to $912.80 per troy ounce, while March silver fell 15 cents to $16.85 per troy ounce.
Among base metals, March copper was 3 cents lower to $3.27 per pound after the Labor Department reported that US payrolls were down by 17,000 last month, the first time jobs have been lost in over 4 years.
In London, three-month copper dropped $110 to $7,240 per tonne, or $3.28 per pound.
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