Platinum backs off 7-week high as dollar climbs off 3-month trough

Platinum prices fell over one percent in American trade away from August 9 highs, while the dollar index hit September 17 highs, following earlier labor and GDP data from the US, the world's largest economy. 

As of 01:12 GMT, platinum fell 1.21% to $813.08 an ounce away from seven-week highs, while the dollar index rallied 0.60% to 94.76 against a basket of major rivals away from July 9 lows. 

Earlier US data showed the final reading for GDP growth at 4.2% as expected for the second quarter, up from 2% in the first, while GDP prices rose 3.0% as expected, up from 2.2% in the first quarter. 

Durable goods orders rose 4.5% in August, compared to a 1.2% drop in July, and beating estimates of a 1.9% increase. 

Unemployment claims rose 12 thousand in the week ending September 22 to 214 thousand, above estimates of 208 thousand, while continuing claims rose 16 thousand in the week ending September 15 to 1.661 million. 

US goods trade deficit widened to $75.8 billion from $72 billion, missing estimates of $70.6 billion, while wholesale inventories rose 0.8%, adding to a 0.6% increase in July.