Platinum returns sharply lower as dollar advances

Platinum prices fell on Monday, adding to the losses of last week as the dollar rebounds strongly against a basket of major currencies to a three-week high.
 
Platinum last traded at $999.45 an ounce, down from the opening price of $1,010.55, with an intraday high at $1,014.10, and a low at $998.90.
 
Platinum's current drop comes as the dollar climbs against a basket of currencies, hurting greenback-denominated commodity futures, with platinum prices entering a profit-taking phase after hitting a 4-1/2 month high last week.
 
Dollar was buoyed after U.S. president Donald Trump announced a "phenomenal" tax plan to be revealed soon, buoying the greenback and Wall Street and hurting commodities.
 
The dollar index, tracking the greenback against a basket of major rivals, inched up to 100.99 from the opening of 100.97, with a session-high at 101.03, and a low at 100.57, with the index setting a three-week high.