Platinum group metals continued to soar Friday in an ongoing reaction to electrical-supply problems in South Africa, with platinum futures hitting a record high for the 12th trading day in a row.
Gold futures declined on profit-taking in volatile trading, however.
April platinum soared $57.80 to finish at $2,063.70 an ounce, after hitting a New York Mercantile Exchange record high of $2,079.90 in screen trading shortly after the open-outcry close.
The mines in South Africa, source of about three-quarters of the world's platinum, haven't been able to keep pace with soaring demand over the past six years, as demand skyrockets from jewelers, auto makers and new investment products like the American Proof and Mint State Platinum Eagles that many people are putting in to their IRA plans. Investment in pair of still-young platinum exchange-traded funds in Europe is further adding to the demand for the metal.
In other metals trading, March palladium settled $10.55 higher at $451.70 an ounce, after hitting a contract high of $456. Some of this metal also comes from South Africa, although global supplies are not as heavily dependent on the country as in platinum, with Russia instead the top palladium producer.
April gold finished $4.70 lower at $906.10 an ounce on the Comex division of the Nymex, March silver fell 13.7 cents to $17.118 an ounce, but March copper contract settled 3.50 cents higher at $3.5230 a pound.
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