The price of platinum - used in jewellery and fuel cells - has hit 23-year highs over supply concerns and expected increased commercial use.

The price in London was "fixed" at $690.00 an ounce on Monday - the highest level since March 1980 - up from $667.00 on Friday.

The metal has surged more than 14% this year on the back of concerns a possible one-day strike at Russia's metal giant Norilsk Nickel.

Russia is the world's leading producer, followed by South Africa.

US President George W. Bush last week added to its rise by calling for a $1.2bn in research programme into fuel cells using platinum to provide pollution-free energy for vehicles.

Fuel cells use platinum to create electricity without pollution by combining hydrogen and oxygen into water.

Platinum results

On Saturday the head of the world's biggest platinum mining company AngloPlat, part of Anglo-America, predict demand would boom.

"I am absolutely convinced that in the multitude of industrial applications that platinum has, that growth will continue at a more-than-acceptable rate," said Barry Davison, head of Anglo American Platinum.

"I expect growth in demand to accelerate so much that it will be higher in the next 10 years than the previous 10 years, which for any commodity is a pretty good growth rate," he said.

Meanwhile, Russian mining unions will decide on Wednesday whether to strike at Norilsk Nickel, the world's fifth largest producer.

The proposed one-hour strike follows the collapse of talks over pay, holiday entitlements and company financial transparency, especially on managers salaries.

Norilsk's Arctic division employs 60,000 people.