The escalation in gold and platinum prices has reached unexpected heights, on Wednesday, 9 January. According to The Associated Press, one ounce of gold during February touched $879.40 on the New York Mercantile Exchange, higher than the previous record of $875 set in 1980. The price later dropped to $877.20 per ounce, yet higher than the 1980 record price. Spot gold escalated to $876 per ounce.%%As reported by Bloomberg, platinum for immediate delivery rested at $1,560.50 per ounce after touching a record $1,561.75. This hike in value has been attributed to the steep oil prices and a weaker dollar, as traders bet on gold and platinum as a hedge against inflation.