Commodities

Platinum falls for first day in four, dollar scales year high

2018-08-10 14:47:58 GMT (Economies.com)

Platinum prices fell in American trade while still on track for the fourth weekly profit in a row, as the dollar index hit July 2017 highs, following a basket of data from the US today. 

 

As of 01:35 GMT, platinum prices shed 0.30% to $830.39 an ounce, while the dollar index rallied 0.82% to 96.29, marking 13-month highs. 

 

Earlier US data showed consumer prices rose 0.2% m/m in July as expected, accelerating from 0.1% in June, while core prices, excluding food and energy, rose 0.2% as expected with no change from June. 

 

On a yearly basis, consumer prices rose 2.9% as expected with no change as well, while core prices accelerated to 2.4% from 2.3%. 

 

The dollar index has strengthened considerably against major currencies, heading for the third weekly profit in a row on prospects of two more Federal Reserve rate hikes this year. 

 

Dollar's rivals have taken a beating, mainly euro and sterling on prospects of an unorganized Brexit, while the yuan has slumped as well due to the US-China trade war. 

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