Daily Gold Update

Source: Marketwatch

New York— Gold finished slightly lower Wednesday, as platinum soared to a new record high over $2,000 an ounce, fuelled by ongoing worries about declining supply from South Africa, the world's biggest platinum producer. Platinum for April delivery surged to a new record of $2,001.40 an ounce on the New York Mercantile Exchange. The contract rallied $61.90 to end at $1,983.70 an ounce. Gold for April delivery ended down 90 cents at $910.20 an ounce. Earlier, the contract hit an intraday low of $899.50 an ounce.

"I think the incredible surge higher for gold, combined with comments like ones from the IMF, are putting pressure on gold longs to take profits, and it may have a bit further to go before resuming the uptrend," said Kevin Kerr, president of Kerrtrade.com and editor of Dow Jones MarketWatch's Global Resources Trader. Platinum futures hit another record high Wednesday. The metal has rallied over 22% since the middle of January, boosted by severe power shortages in South Africa, the world's biggest platinum producer, which have forced many major mining companies to operate below capacity because they receive only about 80% to 90% of their usual amount of power.See full story.