Platinum rose above $1,000 an ounce for the first time in 12 weeks on speculation more mines will close, cutting supply. Gold was little changed. Platinum plunged 39 percent last year, forcing companies such as Lonmin Plc and Aquarius Platinum Ltd. to lower output from South Africa, the world’s largest producer of the metal. General Motors Corp. said rescue loans already pledged by the government should ensure the biggest U.S. automaker’s survival. Platinum is used in pollution-control devices in cars and trucks. “With more mine closures expected, as producers cut less profitable facilities, we could well see platinum gain further,” James Moore, an analyst a TheBullionDesk.com in London, said today in a note. Platinum for immediate delivery climbed as much as $34.50, or 3.6 percent, to $1,002.50 an ounce and traded at $992.50 by 11:19 a.m. in London. It has gained the past five sessions and is up 6 percent this year. The metal may extend its rally toward $1,040-$1,085 an ounce, Moore wrote. The U.S. Treasury has pledged as much as $13.4 billion in aid to help GM pay its bills and $6 billion to prop up lender GMAC LLC, which GM relies on for auto loans and dealer support. Automakers account for about half of global platinum and palladium consumption, according to estimates by Johnson Matthey Plc, a London-based metals refiner, trader and researcher. The figures take recycling into account. Gold, little changed in London, may rise as a weaker dollar bolsters the metal’s appeal as an alternative investment to the currency. Bullion for immediate delivery added $1.20, or 0.1 percent, to $865.10 an ounce. Jobs Woe The dollar may weaken on speculation the U.S. job market has deteriorated further. U.S. companies eliminated 493,000 positions in December after cutting payrolls by 472,000 the previous month, ADP Employer Services may say today, according to a Bloomberg News survey. Gold typically moves inversely to the U.S. currency. “The market’s going to be looking to the dollar for direction,” Moore said. “The market is beginning to expect some dire numbers from the U.S. That will put the dollar back on the defensive.” The metal rose to $864 in the morning “fixing” in London, used by some mining companies to sell production, from $848.25 at the afternoon fixing yesterday. February futures lost 70 cents, or 0.1 percent, to $865.30 in electronic trading on the Comex division of the New York Mercantile Exchange. Gold in the SPDR Gold Trust, the largest exchange-traded fund backed by bullion, expanded by 1 percent to a record 787.88 metric tons, according to the company’s Web site. The fund has overtaken Japan as the world’s seventh-largest gold holding. “Investors still have a lot of confidence in gold,” said Bernard Sin, currency and metals trading chief at Swiss refiner MKS Finance SA, by phone from Geneva. “Investors are happy to buy gold but they’re looking for a dip.” Amongst other metals for immediate delivery in London, silver slipped 0.8 percent to $11.385 an ounce, and palladium was 0.1 percent higher at $198.75 an ounce.

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