Platinum had moved higher on buying on the Tokyo Commodity Exchange (Tocom), with the market proving to be very bullish, UK-based TheBullionDesk.com analyst James Moore said.

The metal has moved through the $1,020/oz level, where there was some chart congestion, he added.

In March 1980, platinum climbed to an all-time high of $1,047/oz.

During the course of 2006, platinum would push through to an all-time high, Moore said.

"I expect platinum to climb to $1,150/oz during 2006. The tone in the precious metals complex as a whole is very bullish," he added.

The close above $1,020/oz on Friday should generate fresh upside momentum for platinum, with chart watchers eyeing resistance at $1,040/oz, Standard Bank London said in a note posted on its website.

Platinum is mainly used in the manufacture of jewellery and autocatalysts.

Palladium was last changing hands at $273,50/oz - up $2,50/oz from Wednesday’s close. Rhodium was last quoted at $3,075/oz, up from the metal’s previous close of $3,000/oz.

Palladium remained capped under $275/oz, Moore wrote.

"A failure to follow platinum’s lead could leave the junior precious metal vulnerable to liquidation back towards support at $260/oz," Standard Bank London said.

Both palladium and rhodium are mainly used in the manufacture of autocatalysts.

In lunchtime trade, gold was quoted at $547,30 a troy ounce, up $0,9/oz from its previous close.

"For the moment, gold appears comfortable just below the $550/oz level, working between $542/oz and $550/oz. While the mid to longer-term outlook remains bullish for gold, the yellow metal needs to make a convincing break above $550/oz, in the next few days, in order to avoid losing some of its short-term momentum and potentially correct back to $525/oz," Moore wrote.

US economic data due for release on Friday are the US December producer price index, which is expected to increase 0,5% month-on-month from November’s decline of 0,7%, and US December retail sales, which are expected to increase 1% month-on-month, from November’s increase of 0,3%.

"More gains in the dollar overnight has seen gold ease back to $546/oz and with New York closing early today, ahead of their three-day weekend, a much quieter session is expected with support at $542/oz and resistance at $550/oz setting the trading parameters," Standard Bank London said in a note posted on its website.