Platinum prices spiked to an all-time peak close to $2,300 today as the white metal got fresh support on the back of a weak dollar and supply worries in key producer South Africa.
On the London Platinum and Palladium Market, platinum struck a record $2,279.25 an ounce.
'Given the ongoing supply disruptions in South Africa and the scale of the deficit in the market this year, it seems platinum will continue pushing higher with its next target being around $2,400,' analysts said.
South Africa, which produces 75% of the world's platinum, is in the grips of a power crisis that has badly affected the country's mining industry.
Platinum, which is used in the production of expensive jewellery and catalytic converters in vehicles, has enjoyed a series of successive records over the past month.
