CORRECTED - UPDATE 3-Gold powers to record above $890 as funds enter

(Corrects New York silver prices in the last paragraph)

(Update prices to Tokyo futures close)

By Chikafumi Hodo

TOKYO, Jan 9 (Reuters) - Gold hit a historic high for a second straight day on Wednesday as investment funds ploughed money into the market on the metal's bullish trend, supported by a weak dollar and strong oil prices.

Spot gold <XAU=> surged to a new record of $891.40 an ounce, surpassing the previous record of $881.10 reached on Tuesday, with the market gaining momentum after the key Japanese gold futures price <0#JAU:> hit its highest level since March 1984.

The debut of gold futures on the Shanghai Futures Exchange helped boost the spot price to the high.

Bullish gold prices also pushed up cash platinum <XPT=> to an all-time high of $1,556 an ounce, $1 more than the previous record hit on Jan. 4.

Gold drifted down from the high, but traders were keen to buy the metal on dips.

By 0845 GMT, cash gold was trading at $885.00/885.70, compared with late New York levels of $878.10/878.90.