Nov. 21 (Bloomberg) -- Platinum fell, erasing an earlier gain that sent prices to a record high in London.

Platinum for immediate delivery fell $8.50, or 0.7 percent, to $1,245 an ounce at 5:47 p.m. in London after earlier jumping 12 percent to a record $1,402.50. The metal gained 5.4 percent yesterday, the biggest one-day rally in six years.

On the Comex division of the New York Mercantile Exchange, platinum for January delivery fell $9.30, or 0.8 percent, to $1,225 an ounce, after earlier reaching $1,289, the highest since May 31.

To contact the reporters on this story: Pham-Duy Nguyen in Seattle at pnguyen@bloomberg.net; Danielle Rossingh in London at drossingh@bloomberg.net

Last Updated: November 21, 2006 12:53 EST