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Gold, platinum hit record on SAfrica mining halt

SINGAPORE-Gold and platinum hit all-time highs on Friday after a power crisis closed South African mines, with dollar weakness, firm oil and expectations of more interest rate cuts in the United States providing additional support.South Africa's three main gold producers and the world's biggest platinum miner suspended production at all their mines in the country on Friday due to a power crisis, helping send precious metal prices to new highs.Spot gold hit an intraday high of $922.40 an ounce, surpassing last week's record and up more than 8 percent since tumbling to a three-week low around $850 this week. Gold was last quoted at $907.00/907.70 in New York on Thursday."It's pointing at $950. Now there's a power shortage...everything is in favor of gold for the time being," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong, referring to the power crisis in South Africa.Gold could undergo a correction after a U.S. Federal Reserve meeting on interest rates next week but the downside could be limited to $880 or $900. "I don't expect it to go down to $850 again if there's a correction this time," he said.Platinum also hit an historic high at $1,652 an ounce on investment demand and gains in gold. The metal was last quoted at $1,606/1,611 an ounce in New York.Trading in Tokyo's gold and platinum futures ended after they rose to their daily limit of 120 yen per gram."Platinum is confronted by a big supply and demand problem. The price will be very strong in the future. Within a month, the next price target is $1,650," said Yukuji Sonoda, precious metals analyst at Daiichi Commodities in Tokyo.
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