Platinum sheds over 1% as dollar climbs

Platinum prices fell over one percent in American trade as the dollar index gained ground, following a basket of data from the US, the world's largest economy. 

As of 04:17 GMT, platinum prices tumbled 1.30% to $927.75 an ounce from the opening of $939.99, while the dollar index rose 0.41% to 93.26 from the opening of 92.88.

Earlier US data showed factory orders fell 0.1% in October, beating expectations of a 0.3% decline, and compared to September 1.7% rise, revised higher from 1.4%. 

On early Saturday, the Senate passed a massive new tax reform bill supported by president Donald Trump and Republicans, which aim at wide tax cuts and supporting growth. 

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.