Another record high was registered by platinum due to the worsening power crisis in South Africa which is disrupting mining activities. Spot platinum prices hit a high of US$2,124 an ounce on Feb. 18, up from US$2,105 per ounce.
More than 60% of the world's platinum output is used as catalyst in vehicles, helping to clean exhaust fumes, while nearly 25% goes to jewellery making.
The two biggest producers of the precious metal, Anglo Platinum and Impala Platinum, have forecasted a very tight market conditions this year.
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