Platinum, lead prices forge record highs
Wednesday, 17 October 2007
LONDON, Oct 16 (AFP): The prices of platinum and lead struck all-time highs this week owing to tight global supplies of the metals.
PRECIOUS METALS: The price of platinum forged a record high Thursday as the white metal was hit by tight global supplies, while gold soared to the best level since 1980 on the back of the weak US dollar, analysts said.
Platinum surged as high as 1,417.25 dollars an ounce on the London Platinum and Palladium Market.
That beat its previous all-time high point of 1,402.50 dollars hit in November 2006.
Platinum is used by the jewellery industry and in the manufacture of catalytic exhaust units for vehicles.
Platinum, already beset with tight supplies, took another hit from fresh concerns in South Africa.
The high came as the European single currency bounced back above 1.42 dollars, rising close to its record high 1.4283 dollars that was struck on October 1.
PRECIOUS METALS: The price of platinum forged a record high Thursday as the white metal was hit by tight global supplies, while gold soared to the best level since 1980 on the back of the weak US dollar, analysts said.
Platinum surged as high as 1,417.25 dollars an ounce on the London Platinum and Palladium Market.
That beat its previous all-time high point of 1,402.50 dollars hit in November 2006.
Platinum is used by the jewellery industry and in the manufacture of catalytic exhaust units for vehicles.
Platinum, already beset with tight supplies, took another hit from fresh concerns in South Africa.
The high came as the European single currency bounced back above 1.42 dollars, rising close to its record high 1.4283 dollars that was struck on October 1.