Gold record at US$923 per ounce

Gold hit another new all-time high at US$ 923 per ounce on Januray 25, after power cuts in South Africa closed mines and fueled supply fears.

The suspension of production at some of the world's biggest gold mines in South Africa had exacerbated the gold rally, after the country's state power supplier, Eskom, declared a four-week power supply shortage.

The new record price had just surpassed the previous records set within the week. The last time gold had set a new high was on January 21, 1980 where it reached US$875 per ounce. Then, the first time the 1980 record was broken was on January 8 this year where gold climbed to US$899 per ounce due to robust buying by fund managers, declining value of the greenback, and surging crude oil prices.

Gold's record position was mirrored by other precious metals, with platinum also setting a fresh all-time high at US$1,587 an ounce, and silver touched a 27-year high of US$16.58 per ounce during the week.