Platinum prices edge down in American trade

Platinum prices tilted lower in American trade even as the dollar lost ground, ahead of US data on existing home sales in May.

As of 02:49 GMT, platinum prices fell 0.24% to $920.16 an ounce from the opening of $922.36, while the dollar index shed 0.04% to 97.72 from the opening of 97.76. 

In a report last month, Standard Chartered analysts expected the platinum market to be mostly balanced after revising its projections of an oversupply of 63 thousand ounces this year, compared to a 42K deficit in 2016.

The bank also projected prices to pass through $1000 an ounce in the next 12 months as the market tightens gradually.