LONDON, Oct 18, 2007 (AFP) - The price of white metal platinum roared to another record peak on Thursday October 14th, owing to supply outages in major producer South Africa, traders said.

Gold bars in a bank. The price of gold soared to the highest level since 1980 on the back of the weak US dollar, while platinum neared a record level on fresh supply woes - Photo : AFP

Platinum, used by the jewellery industry and in the manufacture of catalytic exhausts for cars, hit a record high 1,450.75 dollars an ounce on the London Platinum and Palladium Market.

Platinum also drew strength from the weak dollar which neared a record low point against the euro on Thursday. A weak US unit makes dollar-priced commodities cheaper for buyers using stronger currencies.

In the past, platinum has gained almost 12 percent in value, as the precious metal has benefited from tight global supplies and fierce demand.