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Platinum strong near record, gold above $900

Platinum strong near record, gold above $900
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First Published: Fri, Feb 08 2008. 10 21 AM IST
Updated: Fri, Feb 08 2008. 10 21 AM IST
Tokyo: Cash platinum was little changed on Friday but sentiment stayed bullish as concerns over supply problems in South Africa continued to attract strong bargain-hunting demand.
The benchmark platinum futures contract for December delivery on the Tokyo Commodity Exchange rose 1.6% to a record high of 6,110 yen a gram on Friday.
Spot gold held near $910 an ounce after Thursday’s news that producers were reducing their hedge books, but the market lacked momentum as many Asian dealers are away for the Lunar New Year holiday this week.
Cash platinum was trading at $1,840/1,850 an ounce as of 0100 GMT, from $1,841/1,846 late in New York on Thursday when it hit a record high of $1,850 an ounce the previous day.
South Africa has appealed to mining companies for help in cutting power consumption to ease a power crisis caused by the failure of electricity generation to match economic growth.
Platinum producers in the country, which represents about 80% of the world’s output, are still facing power problems after halting mining operations for five days in January with a significant loss of production.
Spot gold was trading at $908.50/910.00 an ounce, little changed from $908.80/909.50 late in New York on Thursday.
Gold was supported by news that safety shutdowns and operational woes hit AngloGold Ashanti’s fourth-quarter results. The world’s third-biggest gold miner said a power crisis would dent future production.
Peruvian miner Buenaventura said on Wednesday it would pay $434 million to unwind hedges on gold due for delivery in 2010 and 2012.
COMEX gold futures advanced further in Asia after rising in New York on Thursday. The April contract was trading up $2.7 or 0.3% at $912.7 from the New York settlement.
The December TOCOM gold contract rose 27 yen or 0.9% per gram to 3,156 yen.
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First Published: Fri, Feb 08 2008. 10 21 AM IST
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