Mining power crisis sends precious metals to new highs

South Africa’s three top gold producers and world’s biggest platinum miner suspended production today sending prices of both precious metals soaring to fresh historic highs.

A power crisis led to production at key mines in South Africa being stopped. Gold surged to a record of $923.40 an ounce, up more than 8% today since sliding to a three-week low of around $850 earlier this week. It later edged down to trade at $915.20.

Platinum prices jumped to a lifetime high of $1,697 an ounce, a rise of more than $90. It later dipped to $1,690 an ounce.

Guardian