Platinum prices plumb 22-month low

Platinum prices fell in American trade to the lowest since February 2016, as the dollar index steadied near the highest since November 22, ahead of US data and the Federal Reserve policy meeting tomorrow in Washington. 

As of 03:27 GMT, platinum fell 0.31% to $885.55 an ounce from the opening of $888.28, while the dollar index dipped 0.06% to 93.84 from the opening of 93.90. 

Friday data showed the US unemployment rate steadied at 4.1% as expected in November, matching the October reading and holding at the lowest rate since December 2000.

US average hourly earnings rose 0.2% in November, missing expectations of a 0.3% rise, while improving from October's 0.1% dip, revised from no-change. 

The US economy added 228 thousand new jobs in November, beating expectations of 198 thousand, and compared to October's 244K, revised from 261K. 

Goldman Sachs has recently projected four Fed rate hikes in 2018, while raising US growth forecasts to 2.5% from 2.4%, and cutting the unemployment rate projections to 3.7%. 

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