Platinum sheds one percent at the open

Platinum prices fell nearly one percent in American trade even as the dollar index gave up ground, following earlier US data that showed a larger-than-expected drop in durable goods orders in May. 

As of 02:13 GMT, platinum prices tumbled 0.93% to $921.51 an ounce from the opening of $929.95, while the dollar index shed 0.10% to 97.16 from the opening of 97.26. 

In a report last month, Standard Chartered analysts expected the platinum market to be mostly balanced after revising its projections for an oversupply of 63 thousand ounces this year, compared to a 42K deficit in 2016.

The bank also projected prices to pass through $1000 an ounce in the next 12 months as the market tightens gradually.