Gold is edging closer to the US$1,000-per-ounce psychological mark, hitting its fourth straight record high at US$983.90 an ounce yesterday (Mar. 3). To date, the precious metal has gained around 18% as more and more investors are shifting their funds to safer haven assets on expectations of more interest rate cuts in the US. Its inflation-adjusted all-time high stood at US$2,119 per ounce at 2007 price, as per some analysts.
On the other, silver rose the US$20-per-ounce pivotal level. This is the 27th year high, since November 1980, of the so-called “poor man's gold”.
Meanwhile, spot platinum average price firmed to US$2,171.50 per ounce. More popularly known as “white gold” in the jewellery industry, platinum had reached a record high of US$2,192 an ounce on Feb. 22.
Another precious metal palladium, said to be the hardest metal on earth, rose to as high as US$583 per ounce, still within the range of last week's 6-1/2-year high.
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