Platinum, gold in significant gains

Metals prices were higher on Tuesday, with platinum hitting another new high and gold jumping due to multiple factors.

April platinum added $88.30 to $2,152 per troy ounce after going as high as $2,174 per troy ounce in overnight trade, a new record.

Platinum has now gained over $700 since 22 January, but analysts say that prices could drop steeply if South African’s power problems resolve, allowing production at mines there returns to normal.

April gold added $23.90 to $930 per troy ounce as investors watched the US dollar decline in relation to the euro and worried about inflation as oil prices jumped to around $99 per barrel on concerns that OPEC could cut production quotas in March.

Elsewhere in precious metals, March silver gained 39 cents to $17.51 per troy ounce.

Among base metals, May copper jumped 20 cents to $2.74 per pound on signs that demand is up in China after imports to China were 4.6 percent higher in January this year from the same period last year.

In London 3-month copper was up $81 to $8,055 per tonne.