Platinum falls off five-month high as dollar edges up

Platinum prices fell in American trade off June 25 highs as the dollar index gained ground, following earlier labor, retail sales data from the US and ahead of speeches by several Federal Reserve governors later today. 

As of 01:58 GMT, platinum futures due in December shed 0.46% to $831.50 an ounce away from five-month highs, while the dollar index added 0.15% to 97.14 against a basket of major rivals. 

Earlier US data showed retail sales rose 0.8% in October, passing estimates of a 0.6% increase, and sharply higher from September's 0.1% increase. 

Core sales, excluding transportation, rose 0.7%, besting estimates of 0.5%, and compared to September's 0.1% dip. 

The Philly Manufacturing Index slowed down to 12.9 in November, missing estimates of 20.1, and compared to October's 22.2. 

Unemployment claims for the week ending last Saturday rose to 216 thousand from 214K in the previous reading, missing estimates of a dip to 213K, while continuing claims for the week ending November 3 rose to 1.676 million from 1.630 million. 

In his speech in Dallas earlier, Fed Chair Jerome Powell said every periodic policy meeting is open for raising interest rates, while crediting the bank for restoring momentum in the economy and staving off recession. 

Now investors await US retail sales data, estimated with a 0.6% increase, compared to a 0.1% increase in September, while core sales are expected with a 0.5% addition. 

Unemployment claims for the week ending November 10 are expected with a thousand dip to 213 thousand from 214 thousand. 

Federal Reserve Bank of Atlanta President Raphael Bostic is due to speak about monetary policy at the Global Interdependence Center, in Madrid later today, while Fed Chair Jerome Powell will return with a speech about Hurricane Harvey recovery efforts at an event hosted by the Federal Reserve Bank of Dallas, in Houston.