Daily Gold Update

Source: Marketwatch

New York— Platinum futures extended their record-breaking run Friday, bid higher on persistent worries about supply disruptions in South Africa, while gold futures ended lower. Platinum for April delivery soared as high as $2,079.90 an ounce, beating the previous record set on Thursday. The contract finished up $57.80 at $2,063.70 an ounce. Platinum futures soared $179.70, or nearly 10%, this week from last Friday's closing level of $1,884. Gold for April delivery dropped $4.70 to end at $906.10 an ounce.

Platinum prices have broken record after record high in recent days, propelled by concerns about declining output from South Africa, the world's biggest platinum producer. The metal has rallied sharply since the middle of January, boosted by severe power shortages that have gripped South Africa, forcing many major mining companies to operate below capacity and revise their production forecasts. See full story.