Spot gold on Monday burst through the $540-a-troy-ounce mark for the first time since March 1981 on fund-buying of the metal.
At 9.45am, gold was quoted at $541,10/oz, up $15,50/oz from the metal’s previous close.
The rand price of gold on Monday broke through the R110Â 000-per-kilogram mark for the first time since March 2002.
At 9.55am, rand gold was quoted at R110Â 387 per kilogram, up from Friday’s level of R107Â 226 per kilogram.
The highest level for rand gold was R116Â 229 per kilogram on December 23 2001.
The spot price of platinum on Monday climbed to $1 017,50 an ounce — its highest level since March 1980 — on fund-buying of the metal on the Tokyo Commodity Exchange (Tocom).
By 9am, platinum was quoted at $1 015/oz, up $15/oz from the previous close.
Platinum is mainly used in the manufacture of jewellery and autocatalysts.
“Demand on Tocom overnight has finally allowed the white metal to push higher, clearing the band of resistance around $1 000/oz to $1 005/oz, which capped the metal all last week,” a United Kingdom-based analyst for TheBullionDesk.com, James Moore, wrote.
Platinum could now look to target the $1 040/oz area, Moore added.
The highest level for platinum of about $1 040/oz was achieved in March 1980. — I-Net Bridge