Gold rallied to its highest level in 28 years on Friday as investors poured money into the precious metal due a struggling U.S. dollar and tensions between Turkey and Iraq. Platinum held near a record high on supply concerns following the closure of two mines in South Africa. Anglo Platinum, the world's biggest producer, said it expects to lose up to 1,300 ounces of refined platinum a day after it closed two more shafts at its largest mine.

Spot gold hit a high of $770 an ounce, its highest since January 1980, before dipping to $766.65/767.35, still above $763.90/764.70 seen late in New York on Thursday.

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