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abstacey

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Morning News... Jan.10/12

posted on Jan 10, 2012 07:25AM

Gold, platinum prices rally as dollar retreats

Reuters – 1 hour 41 minutes ago

LONDON, Jan 10 (Reuters) - Gold prices rose 1 percent on Tuesday, reflecting gains across the precious metals, as the euro's climb versus the dollar made assets priced in the U.S. unit more affordable for holders of other currencies.

Platinum also climbed 2.9 percent to a one-month high at $1,462.50 an ounce in gold's wake, taking further support from reports that South African power utility Eskom had warned of a power shortage. The republic produces around three-quarters of the world's platinum.

Spot gold was up 1 percent at $1,626.70 an ounce at 1040 GMT, while spot platinum was up 2.5 percent at $1,457.49 an ounce.