Platinum settles higher as dollar declines

Platinum prices tilted higher in American trade away from February 14 lows as the dollar index bounced off February 13 highs, following earlier data from the US, the world's largest economy. 

As of 02:30 GMT, palladium rose 0.09% to $991.60 an ounce from the opening of $990.70, while the dollar index fell 0.20% to 89.82 from the opening of 90.00. 

Earlier US data showed unemployment claims fell 7 thousand to 222 thousand from 239 thousand in the previous reading, below expectations of 230K, while continuing claims in the week ending February 10 fell 73 thousand to 1.875 million from 1.948 million, also sharply below forecasts of 1.938 million. 

Federal Reserve Bank of New York President William Dudley will speak about the economic situation in Puerto Rico and the United States Virgin Islands, following Hurricanes Irma and Maria, at a press briefing hosted by the Federal Reserve Bank of New York, while Federal Reserve Bank of Atlanta President Raphael Bostic will speak at the Banking Outlook Conference hosted by the Federal Reserve Bank of Atlanta.

The Federal Reserve released the minutes of the January 30-31 meeting, at which policymakers held interest rates unchanged between 1.25% and 1.50%, while expecting inflation to settle at 2% in the next 12 months.