Gold edged up, but trailed platinum's rise, helped by gains in agricultural and energy prices.
Expectations that such action will further tighten the platinum market, which was expected to post a deficit this year, is pushing platinum back towards parity with gold for the first time since April last year.
"Platinum prices definitely have room to move higher," said Howard Wen, metals analyst at HSBC.
Wen cited strong performance of the U.S. platinum exchange-traded funds and an increase in bullish bets by hedge funds and money managers showed by CFTC data.
Spot platinum was up 1.6 percent at $1,655.50 an ounce, having earlier touched its highest since mid-October at $1,660 an ounce.
U.S. April NYMEX platinum futures settled up $27 at $1,658.20 an ounce, with trading volume about 30 percent above its 30-day average, preliminary Reuters data showed.
Platinum's discount to gold narrowed to around $10 from about $140 at the start of the year.
Analysts are expecting the review at Amplats, the world's top platinum producer, will lead to at least some shaft closures due to soaring costs and falling profits.
(Read More: Gold Must Hit This Level to Be a Buy: Futures Pro)
Recent encouraging U.S. auto sales data also boosted fund buying in platinum and palladium, which are mostly used in catalytic converters to clean exhaust fumes in vehicles.
Spot palladium rose 0.2 percent to $697.70.
Gold Edges Up
Spot gold was up 0.3 percent at $1,666.65 an ounce, while U.S. gold futures for February delivery settled up $8.80 an ounce at $1,669.40, with trading volume about 20 percent below its 30-day average.
Bullion investors remained wary towards gold after it recorded its biggest quarterly drop in more than four years in the last three months of 2012. (Read More: Despite Fall, Gold Still Has True Believers)
Financial markets were awaiting a speech later in the day by Federal Reserve Chairman Ben Bernanke. Attention will focus on any further indications of how long the U.S. central bank's latest bond buying program will last.
In the longer term, gold may derive support in coming months from discussions over the raising of the U.S. debt ceiling.
"We view the recent sell-off as a good entry point to re-establish fresh tactical longs in gold before the run up to the debt ceiling debate, which we view as a likely catalyst for higher gold prices," Goldman Sachs said in a note.
Goldman, however, said that it expects gold prices to decline as better U.S. economic data overrides further easing.
Silver gained 1.9 percent to $31.01 an ounce.