Platinum skids two percent as dollar rebounds

Platinum prices tumbled two percent in American trade as the dollar index rebounded from the lowest since November 9 for the second session, following earlier data from the US, the world's largest economy. 

As of 02:14 GMT, platinum slid 1.64% to $922.11 an ounce from the opening of $937.60, while the dollar index rose 0.52% to 97.07 from the opening of 96.94. 

Earlier US data showed unemployment claims down more than expected last week, while the Empire State Manufacturing Index surged past forecasts in June, as the Philly Manufacturing Index slowed down less than expected in the same month, as import prices fell unexpectedly. 

In a report last month, Standard Chartered analysts expected the platinum market to be mostly balanced, while projecting 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.