Precious Metals Prices Soar


February 4, 2003

Precious Metals Prices Soar

Gold hit a seven-year high, spurred by anxiety over the crises in Iraq and North Korea, Reuters reports. Platinum prices also spiked, hitting a 23-year high.

London gold prices were fixed at $374.85 an ounce during its mornng trading session, the highest mark since Nov. 1996. Gold has gained nearly 10% since the beginning of the year. New York prices were up at close of business Feb. 3, and Toronto prices were also at new highs today.

Platinum prices were fixed in the London morning session at $703 and ounce, its highest price since March 1980. "The current momentum is built on prospects for new technologies, jewelry demand and threat of a labor strike (at Russian mining firm Norilsk)," a metals analyst tells Reuters.





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