Daily Gold Update

Source: Marketwatch

New York— Gold and platinum futures soared to new record highs on Friday after major mining companies in South Africa, the world's second-largest gold producer and biggest platinum producer, halted their operations because of severe power shortages. Gold for February delivery rallied as high as $924.30 an ounce in electronic trading on the New York Mercantile Exchange early Friday, hitting a new record high.

"The news out of South Africa is very significant," said Kevin Kerr, president of Kerrtrade.com and editor of Dow Jones MarketWatch's Global Resources Trader. "Every supply line for gold is imperative and now this news will likely set up gold to trade $1000 in very short order," Kerr said. See full story.