Platinum loses ground as dollar strengthens

Platinum prices fell for the first time in four sessions away from the highest since early March for the fourteenth session out of 19, as the dollar index advanced to near the highest since mid-August, following earlier data from the US, the world's largest economy. 

As of 02:42 GMT, platinum fell 0.37% to $911.63 an ounce from the opening of $914.99, while the dollar index rose 0.37% to 93.81 from the opening of 93.46. 

Earlier US data showed the trade deficit fell to $42.4 billion in August, while unemployment claims fell more than expected to 260 thousand, after Federal Open Market Committee member Jerome Powel spoke about the Treasury Markets Practices Group at the Federal Reserve Bank of New York.

Additionally, Federal Reserve Bank of Philadelphia President Patrick Harker spoke at the Investing in America's Workforce Conference hosted by the Federal Reserve System, in Austin; where he expected three rate hikes this year and for economic growth to surpass 2% by the end of this year, noting that the skilled labor shortage is one of the most important challenges facing the US economy. 

Otherwise, Standard Chartered said recently that the platinum market will be "mostly balanced", after revising its forecasts of to a surplus of supplies this year at 63 thousand ounces, compared to a deficit of 42K deficit in 2016.