LONDON, Dec 18, 2007 (AFP) - The price of platinum reached a record high point of 1 503,50 dollars an ounce on the Platinum and Palladium market here on Tuesday, December 18th, having breached 1,500 dollars for the first time late on Monday December 17th.

The price of platinum reached a record high point of 1,503.50 dollars an ounce on the Platinum and Palladium market, having breached 1,500 dollars for the first time - Photo : Justin Sullivan/AFP

The price rise was driven by concern about supplies, said an analyst at the Bullion Desk, James Moore.

The price has been firm since November because of concern about deliveries from South Africa, the biggest producer of the white metal, where production has been affected by accidents and a general strike by miners.

Moore said that renewed concern about supplies had triggered a wave of "buy" orders, sending the price up to record levels.

The price could go higher still because supply continued to lag very strong demand from industry, jewellers and financial investors, he said.

Leading metals house Johnson Matthey forecast in November that by the end of 2007 there would be an annual shortfall in supplies of 265,000 ounces compared to a small surplus in 2006.