Platinum backs off nine-week high

Platinum prices fell on Friday ahead of the weekend after hitting a nine-week high yesterday, as commodities in large fall on profit-taking.
 
Platinum last traded at $970.10 an ounce, down from the opening price of $980.35, with an intraday high at $980.55, and a low at $968.95.
 
Platinum's drop comes amid a profit-taking wave in the commodity market after hitting highs this week, nudging investors to sell off their holdings to collect profits.
 
The dollar recovered today from a five-week low hit yesterday against a basket of currencies, triggering thereafter profit-taking on commodities, specially after drawing support from upbeat U.S. retail sales data today.
 
The dollar index, gauging the greenback against a basket of six main rivals, rose to 101.56 from the opening of 101.43, with an intraday high at 101.60, and a low at 101.95, after the hitting a five-week low yesterday at 100.70.