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Gold, platinum prices reach new highs

January 09, 2008

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New York—Gold and platinum prices soared to new heights on Wednesday, bad news for jewelers already struggling with the ever-increasing cost of precious metals.

The Associated Press reported that an ounce of gold for February delivery reached a record price of $879.40 on the New York Mercantile Exchange, breaking the previous record of $875 set in 1980.

The price later dropped to $877.20 per ounce.

Spot gold also rose to $876 per ounce, eclipsing the high of $869.05 hit last week.

Meanwhile, Bloomberg reported that platinum for immediate delivery was at $1,560.50 per ounce after reaching a record $1,561.75.

Both the AP and Bloomberg reported that the rising cost of the two metals is due to higher oil prices and a weaker dollar, as traders bet on gold and platinum as a hedge against inflation.

"Gold is going to be a great investment in 2008," Greg Smith, managing director of investment advisor Fat Prophets U.K. Ltd., told Bloomberg Television in a London interview on Wednesday. "One-thousand dollars an ounce is certainly in view."

Editor's note: For the latest precious-metal prices, see our Wholesale Material Pricing Tools.
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