Platinum soared Thursday after a drop in the dollar drove traders to shift funds into hard assets as safe-haven investments. Gold and silver also hit records.

April platinum futures also set a new record, climbing as high as $2,194.80 an ounce. Platinum closed up $49.40 at $2,188.20 an ounce.

Platinum's record high surpassed its previous record of $2,174 set on Tuesday. The platinum rally has been propelled by concerns about declining output from South Africa, the world's biggest platinum producer.

Mines across South Africa, which accounts for 80 percent of global platinum supply, have been hit by a lack of power after state utility Eskom asked the mining sector to cut power use to 90 percent of normal needs to ease shortages.

Wednesday's correction in platinum reflects the metal's high volatility and extremely overbought conditions, said James Moore, an analyst at TheBullionDesk.com, in a note.

However, the dip again served as a bargain-hunting opportunity, as ongoing supply woes in South Africa look set to see the metal move into a much deeper deficit this year and could potentially see price extend to $3,000 an ounce, Moore said.

Also on Nymex, Gold for April delivery gained $11.40 to end at $949.20 after reaching a record high of $958.40 an ounce during intra-day trading.

Silver futures also hit a record of $18.075 an ounce, the highest since December 1980, before settling at $17.95 an ounce.

March palladium gained $21.30 to end at $515.50 an ounce.

South Africa Eskom Gold Silver