Platinum falls off three-month high as dollar inches up

Platinum prices tumbled nearly one percent in American trade away from July 10 highs, as the dollar index scaled October 10 highs, following earlier labor data from the US today.  

As of 02:42 GMT, platinum fell 0.66% to $827.09 an ounce off three-month highs, while the dollar index rose 0.12% to 95.69 away from September 27 lows. 

Earlier US data showed the Philly Manufacturing Index down to 22.2 from 22.9, while unemployment claims fell 5 thousand in the week ending October 13 to 210 thousand, edging estimates of 211 thousand. 

Continuing claims fell 13 thousand to 1.640 million in the week ending October 6, as analysts expected 1.663 million. 

Otherwise, Federal Reserve Governor Randal Quarles is due to speak about the economic outlook at the Economic Club of New York luncheon later today.

The Federal Open Market Committee voted last month to increase borrowing rates for the third time this year by 25 basis points to below 2.25% as expected by analysts back then. 

US President Donald Trump accused the Federal Reserve of causing a sharp correction in markets with its interest rate policy, considering it too strict and a "mistake".