Platinum sales have been boosted by the sharp rise in gold prices over the past couple of years, according to one US jeweller.

Figures from metals website Kitco.com show that gold reached a peak of $1,001.25 per oz in 2008, while platinum prices surged as high as $2,273 per oz.

However, since then, the yellow metal peaked at $1,212.50 per oz in 2009, with platinum hitting a high point of $1,494 per oz.

The difference between the two metals has been at about $400 per oz this year, as platinum's top price is $1,752 per oz and gold reached $1,351.50 on Monday (11th October).

Dan Gordon, of Samuel Gordon Jewelers in Oklahoma, explained that the closing gap is increasingly encouraging consumers to spend the extra money for the superior quality of platinum pieces.

"Gold is selling platinum now. The price of gold is selling platinum," he said in an interview with National Jeweller.

"Platinum sales have surged in our store. There's no longer much friction [involved in convincing couples to pick platinum]."

Those comments were corroborated by Richard Horne, Chairman of Shreve & Co in San Francisco, who claimed that his platinum sales remained robust throughout the recession.

"They want the best. It's the purest metal we have. It's the rarest metal we have. That's what the selling point on it is," he added the news provider.

Gold prices traditionally share an inverse relationship with the dollar and the metal is viewed as a safe haven in times of economic crisis.

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Slight recovery, rising gold prices aid platinum (12/10/10)

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