Platinum slides to two-week low as dollar climbs

Platinum prices fell on Wednesday to a two-week low as the dollar surged against a basket of currencies, heaping pressure on commodities according to their inverse relation.
 
Platinum last traded at $995.75 an ounce, down from the opening price of $1,003.35, with an intraday high at $1,003.40, and a low at $990.70.
 
Platinum's current drop comes on profit-taking after hitting a 4-1/2 month high, triggering selling orders, specially as markets turn their focus on global stocks and currencies.
 
The dollar rose today to a five-wee high after Fed Chair Yellen left the door open for a rate hike in the bank's next meeting during her Congress testimony yesterday, specially after U.S. consumer prices rose past expectations last month, underpinning the greenback and hurting platinum.
 
The dollar index, tracking the greenback against a basket of currencies, rose to 101.59 from the opening of 101.21, with an intraday high at 101.76, and a low at 101.15.