Platinum prices rise more than $55 per ounce

Platinum prices hit yet another new high on Monday as Anglo Platinum (JSE: AMS) said its output will drop again this year, at least partly due to the current energy shortage in South Africa.

April platinum traded $55.40 higher to $1,939.40 per troy ounce in New York and some analysts said they expect the price for an ounce of platinum to reach $2,000 by next week.

Gold prices were also higher in New York as investors looked to buy the metal as a hedge against inflation.

After going as high as $927.90 per troy ounce earlier in the session, April gold was up $4.50 to $926.80 per troy ounce, while March silver added 37 cents to $17.48 per troy ounce.

March copper gained 2 cents to $3.56 per pound on more declines in London Metal Exchange inventories, which have now dropped by 17 percent since the beginning of the year.

Copper supply concerns revolve around drops in output in China and Chile.

Some analysts say it could take months to restart smelters in China, which were forced to close down by heavy snow in the region, while energy shortages in Chile are hurting production there.