Platinum loiters near nine-week trough
Economies.com
2017-03-14 14:21PM UTC
Platinum prices rose modestly on Tuesday but stayed near a nine-week low as commodities move in sideways ahead of the Federal Reserve's policy decisions this week.
Platinum last traded at $941.80 an ounce, up from the opening price of $939.20, with an intraday high at $945.10, and a low at $936.80.
Platinum's current wavering comes amid uncertainty in the markets as investors await the Fed's meeting, expected to hike interest rates in it for the first time this year, weighing on commodities as investments move away to the banking sector.
The dollar on the other hand rose today after drawing support from upbeat producer prices data for November, bolstering expectations for a rate hike and forcing platinum to waver, specially after China's industrial production slowed down.
The dollar index, tracking the greenback against a basket of six major counterparts, rose to 101.53 from the opening of 101.41, with an intraday low at 101.33, and a high at 101.66.
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