Platinum prices slide over one percent as Fed convenes

Platinum prices fell over one percent in American trade even as the dollar index slipped for the second session, following earlier data from the US, the world's largest economy. 

As of 02:34 GMT, platinum prices fell 1.39% to $931.31 an ounce from the opening of $943.78, while the dollar index dipped 0.07% to 97.07 from the opening of 97.14. 

Earlier US data showed producer prices unchanged in May as expected, compared to a 0.5% rise in April, while core prices slowed down to 0.3% from 0.4%, as analysts expected a 0.2% rise. 

On a yearly basis, producer prices and core prices rose past expectations last month, while markets await consumer prices data tomorrow, which might influence Fed policymakers' positions at the ongoing Fed policy meeting. 

The Fed is expected to tighten its policy and raise interest rates by 25 basis points to between 1.00% and 1.25%, while policymakers are expected to unveil their three year forecasts for inflation, unemployment, growth, and interest rates for the next three years.