Platinum falls as investors turn towards gold

Platinum prices fell today as US dollar gained against most major currencies, whilst investors took gold as a safe haven amid speculation about a near US interest rates cut.

The New York Federal Reserve chairman said "The central bank has to cut interest rates and move quickly to counter any signs of slowing US economic growth".

Investors took gold as a safe haven - pulling the rug out from under platinum - as the yellow metal futures (August delivery) rose by 0.6% to $1437 per ounce as of 14:09 GMT, hitting a high of $1454.4 and a low of $1434.6.

The dollar index (against a number of major currencies) rose by 0.3% to 97.06 points at 1410 GMT, reaching a high of 97.1 points and a low of 96.7 points.

In terms of trade, by 14:15 GMT, platinum spot futures fell by 0.1% to $852.5 per ounce, with a high of $861.4 and a low of $847.8.