Johannesburg - The price of platinum on Thursday surged to an all-time high of US$1 086 an ounce, eclipsing its previous all-time best of $1 085/oz established on February 3, on the back of gains in gold and silver, analysts said.
At 12:45, platinum was quoted at $1 086/oz, up $16/oz from the previous close.
The platinum group metals (PGMs) tracked higher on Thursday in the wake of gains seen in gold and silver, London-based UBS analysts wrote on Thursday.
At about noon on Thursday gold climbed above $580/oz for the first time since January 1980, while silver climbed to a multi-year high of $11.50/oz.
Gold was last quoted at $577.63/oz, up $4.22/oz from Wednesday's close, while silver last traded at $11.44/oz, up $0.28/oz from the previous close.
Platinum is mainly used in the manufacture of autocatalysts and jewellery.
Among the rest of the PGMs, palladium was last quoted at $349/oz, up $16.50/oz from Wednesday's finish, and the metal's highest level since June 2002.
Rhodium last traded at $4 190/oz, off its recent high of $4 350/oz, which was the metal's highest level since May 1991.
Palladium and rhodium are largely used autocatalysts.
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