Gold Rose For 3rd Straight Session

Gold advanced in London, adding to a weekly gain, on concern South African power shortages will curb output in the world's second-biggest miner of the metal. Platinum jumped to a record, Bloomberg reported.

Gold rose for a third straight day after AngloGold Ashanti Ltd., the world's third-largest miner of the metal, yesterday said output this year may be 400,000 ounces lower than earlier forecast because of the electricity cuts. The company last month lost 200,000 ounces of production because of outages. South Africa generates about 11 percent of world gold production.

Gold for immediate delivery jumped $4.89, 0.5 percent, to $915.40 an ounce by 10:06 a.m. in London. It reached a record $936.92 an ounce on Feb. 1. Platinum rose as much as $11.50, or 0.6 percent, to an all-time high of $1,860.25 an ounce before trading at $1,848.25 an ounce.