The price of gold has shot to a record $927.77 an ounce as investors looked for safe havens from financial market turbulence. Stoppages at mines in South Africa also lifted the price. Platinum too hit a record, rising to $1,705 an ounce.
Power shortages in South Africa paralysed mining activity for the fourth straight day. De Beers and the country's three main gold mining companies - Gold Fields, Harmony and AngloGold Ashanti - were all forced to halt production on Friday.
Gold, seen as a safe haven, is also getting a boost from continued unrest on global stock markets, which mostly fell again today on fears for the health of the US economy and ahead of an interest rate decision by the Federal Reserve later in the week.
