Gold and platinum hit record highs

Both Gold and platinum reached record highs during the past week, as investors try to prepare for everything from war to supply disruptions.

Gold prices for current delivery closed at $368.20 per troy ounce Friday on the New York Commodity Exchange, up from $364.50 late Thursday, The Associated Press reports, as the precious metal continues to sell at prices not seen since, January, 1997.

Fears of war with Iraq, the fragile stock markets, and the declining dollar are among the reasons reportedly given for the rising price of gold in the past several months. The precious metal is 30% higher than it was at this time last year.

Platinum was reportedly trading at $627.50 an ounce on the New York Mercantile Exchange at its close on Friday, down from its 17-record high at $652 an ounce on Wednesday. The high prices for platinum are reportedly because of worries over disruptions to output from Russia and South Africa miners.