Platinum climbs 1% in American trade

Platinum prices rose over one percent even as the dollar pulled away from a 15-month nadir, following earlier data from the US, and ahead of other industrial information.

As of 02:53 GMT, platinum rallied 1.01% to $896.32 an ounce from the opening of $887.08, while the dollar index rose 0.13% to 92.94 from the opening of 92.86. 

Earlier US data showed personal income at zero in June, compared to a 0.3% rise in May, while analysts expected 0.4%.. Personal spending also slowed down to just 0.1% from 0.2% in May, matching expectations. 

Now investors await ISM manufacturing PMI data later today, expected to have shrunk to 56.4 from 57.8 in June, while the ISM manufacturing prices are forecast to have risen to 56.5 from 55.0 last month. 

In a recent report, Standard Chartered analysts expected the platinum market to be mostly balanced after revising its projections for an oversupply of 63 thousand ounces this year, compared to a 42K deficit in 2016.

The bank also projected prices to pass through $1000 an ounce in the next 12 months as the market tightens gradually.