Platinum backs off 3-month high as dollar climbs from 3-week trough

Platinum prices tilted lower in American trade off July 10 highs, as the dollar index scaled October 10 highs, following earlier housing data from the US today. 

As of 02:21 GMT, platinum fell 0.36% to $838.46 an ounce away from three-month highs, while the dollar index rose 0.30% to 95.33 away from September 27 lows. 

Earlier US data showed housing starts fell 5.3% in September to an annualized 1.201 million units, compared to a 7.1% surge in August, and edging estimates of a 5.6% drop. 

Building permits fell 0.6% last month to 1.241 million units, compared to a 4.1% decline in August, and missing estimates of a 2% increase. 

Federal Reserve Governor Lael Brainard will deliver a speech titled "Fintech and Financial Inclusion" at the Federal Reserve Bank of Boston's Fintech conference later today, while the Fed is slated to release its minutes for the September 25-26 meeting. 

The Federal Open Market Committee voted last month to increase borrowing rates for the third time this year by 25 basis points to below 2.25% as expected by analysts back then. 

US President Donald Trump accused the Federal Reserve of causing a sharp correction in markets with its interest rate policy, considering it too strict and a "mistake".