Platinum prices shed 1% as dollar edges up

Platinum prices fell one percent in American trade as the dollar index gained ground, following a basket of industrial data from the US, while markets look forward to the Senate tax reform vote later today. 

As of 03:46 GMT, platinum prices slid 0.81% to $935.30 an ounce from the opening of $942.95, while the dollar index rose 0.14% to 93.17 from the opening of 93.05. 

Earlier US data showed the ISM Manufacturing PMI down to 58.4 in November from 58.7 in October, while ISM Manufacturing Prices fell as well to 67.0 from 68.5, as construction spending accelerated to 0.5% from 0.3% in September. 

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.