Platinum prices rally nearly two percent

Platinum prices surged nearly two percent in American trade as the dollar index rose according to their inverse relation, following earlier data from the world's largest economy. 

As of 02:35 GMT, platinum rose 1.68% to $963.69 an ounce from the opening of $947.78, while the dollar index rose 0.20% to 97.44 from the opening of 07.25. 

Standard Chartered analysts expect the platinum market to be mostly balanced, while projecting an oversupply of 63 thousand ounces this year, compared to a 42K deficit in 2016, while expecting prices to pass through $1000 an ounce in the next 12 months as the market tightens.