Platinum hit another record high yesterday after a day of volatile trading on Tuesday.
The precious metal hit $1,809 a troy on ounce during the day before dipping by 1.5 per cent to $1,763 a troy ounce on the NYSE.
Burgeoning prices for platinum have been fed by the power crisis in South Africa, which has hit production at operations run by Anglo Platinum, Lonmin Platinum and Impala Platinum.
After a week of interrupted operations at mines throughout the sector power has now returned, although at ten per cent less than normal requirements, meaning that the companies have been unable to resume full production.
With the consequent shortfall in supply thus likely to continue, the metal is set to continue rising, having already increased in price by 17 per cent this year, according to Ronald Leung, director of Lee Cheong Gold Dealers.
He told the Reuters news agency: "The demand is there. I think $2,000 seems to be the next target. Speculators are buying platinum."
