NEW YORK, Jan 23 (Reuters) - COMEX gold bolted to a new six-year peak and made contract highs Thursday morning as investors scooped up the hard asset amid simmering world tensions and a struggling U.S. dollar, dealers said.
Meanwhile, NYMEX active platinum futures soared to a 16-year high on worries about potential supply disruptions from South Africa and Russia for the metal used in jewelry and catalytic converters for cars.
February gold on the New York Mercantile Exchange's COMEX division was up $6.30 at $366.20 an ounce at 1011 EST, trading from $360 to a contract peak of $366.30, the highest price on a weekly basis since December 1996.
"The fact that you still have the war effort, the significantly weaker dollar, the equity market's under pressure -- the combination of all of these things is what's driving the funds to buy gold," said David Meger, analyst at Alaron Trading in Chicago.
Gold, a traditional home for investors during times of uncertainty, saw fresh speculative interest this week on widespread perceptions that the White House is determined to go to war with oil-producing Iraq, with or without the support of the U.N.
"It is an unsettled situation," a New York gold broker said. "We broke through some resistance yesterday, and I think that's why we saw the follow-through. It is clearly a bull market."
Spot gold fixed in London at a fresh six-year high of $364.70 an ounce in the afternoon. Bullion last traded at $366.50/7.25, against Wednesday's New York close at $359.60/0.35.
The euro also rose in a flight to safety move by investors, though that was seen more as a bet against the dollar than an endorsement of Europe's economic strength.
The single currency held near recent three-year peak against the greenback and rose to its highest versus the Japanese yen since June 1999. It was at $1.074.
Traders peg chart resistance in COMEX February gold at the $375-$380 area, while support was seen at $350.
April platinum jumped to $641 an ounce, up $4.90, trading $635 to an ACCESS high of $645, a contract peak and the highest active-month price since August 1987.
NYMEX spot platinum in May 2000 vaulted above $800 but that move was seen as a one-time squeeze and was discounted by most in the market.
"Now you are seeing really a true trend higher, as opposed to a squeeze, short-covering or an aberration in the market," said Alaron's David Meger. "This seems much more realistic."
Investment funds have fired platinum higher on concerns over a potential strike in Russian metals giant Norilsk , the world's fifth largest producer.
Output may also have been hit at number four producer South Africa's Lonmin Plc after an explosion late last year.
Spot platinum was fixed in London at $652 an ounce, a fresh 17-year high. By mid-morning in New York, it fetched $650.50/$657.50, above its last New York close at $643/650.
March palladium fell $1.75 to $270 an ounce. Spot palladium was at $266/274.
COMEX March silver futures gained 2.2 cents to $4.87 an ounce, ranging $4.84.50 to $4.90, off its early January six-month peak of $4.945.
Spot silver fetched $4.84/86 versus $4.82/84 previously. Thursday's fix was $4.85.