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Platinum futures in New York set a lifetime contract high on supply fears and gold contracts also hit $770 an ounce early on Friday, but the precious metals erased initial gains as the dollar recovered and crude oil slid.
"It's profit taking for all the metals today. The dollar's starting to come back off its low. Gold was a little bit soft, so platinum is taking its cue from there, also, the crude's breakdown is helping us to come off," said Ralph D'Esposito, a Nymex floor trader at RJ Futures in New York.
At 10:41 am EDT (1441 GMT), most-active January platinum on the New York Mercantile Exchange was down $5.60 at $1,442.0 an ounce. Spot platinum was quoted at $1,444/1,448. It set a lifetime high of $1,454 earlier. "The fundamentals still pertain to higher platinum," D'Esposito said, citing a possible work stoppage in South African mines. He said platinum futures could test $1,500 an ounce but near-term corrections were possible.
Anglo Platinum, the world's biggest platinum producer, said on Friday it expects to lose 1,300 ounces of refined platinum daily after shutting shafts at its largest mine.
South Africa's 300,000-member National Union of Mineworkers said on Thursday that it had formally applied to hold a one-day strike to protest what it terms a "genocide" unfolding at mines. Comex December gold on the Comex division of the New York Mercantile Exchange was down $1.40 at $767.30 an ounce, trading between $765.10 and $776.90. The dollar rebounded after hitting a record low against the euro earlier. US crude fell more than $1 after setting a lifetime high above $90 a barrel.
Spot bullion traded down at $761.70/762.20, compared with the Thursday New York close at $763.90/764.70. London bullion dealers fixed the afternoon spot reference price at $763. Comex December silver was down 37.8 cents or 2.7 percent at $13.425 an ounce, trading between $13.365 and $13.995.
Spot silver was quoted at $13.33/13.38, which was higher than Thursday's late New York quote of $13.74/13.79. London silver was fixed at $13.68. December palladium also dropped $8.45 or 2.3 percent to $365.50 an ounce. Spot palladium fetched $367/371.

Copyright Reuters, 2007

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