Platinum prices edge lower as dollar continues to rebound

Economies.com
2019-11-20 05:09AM UTC

Platinum prices tilted lower on Wednesday to decline for the second session in 6 from the highest since November 7, as the US dollar continues its rebound from its lowest since November 7 for the third straight session, in line with the inverse relation between them, while market participants await the US Fed minutes for the October meeting later today, and amid developments in the US-China trade dispute. 

 

Platinum prices fell by 0.25% to $910.87 an ounce as of 05:03 GMT, from the opening of $908.6, while the dollar index rose by 0.03 to 97.89 points after opening at 97.86. 

 

In the meantime, investors are anticipating the minutes of the FOMC meeting held on 29-30 October, which saw the latest US rate cut for the third time by 25 points to 1.50%, along with hints of for holding the monetary policy as the US Fed will consider increasing its interest rate if there is a huge and sustainable move in inflation. 

 

President Donald Trump renewed his threats to increase tariffs against Chinese imports on Tuesday, if Beijing does not sign the first phase of the trade deal with the US ahead of December 15, which diminished investors' risk appetite as it can be a major hurdle in the way of ending the trade war.

Commodities News

Gold News

Commodities

Gold edges down and logs in weekly losses
2024-05-24 20:39PM UTC
Gold prices fell on Friday even as the dollar lost ground against a basket of major rivals, with ...
Oil News

Commodities

Oil prices add over 1.5% following strong manufacturing data
2024-05-23 14:51PM UTC
Global oil prices rose over 1.5% in American trade on Thursday, on track for the first profit in ...
Gold News

Commodities

Gold plumbs one-week trough after hawkish Fed's minutes
2024-05-23 09:50AM UTC
Gold prices fell in European trade on Thursday on track for the third loss in a row, plumbing ...

Commodities Technical Analysis

Brent oil Analysis

Commodities

Brent oil price forecast update 24-05-2024
2024-05-24 09:12AM UTC
Brent Oil Price Analysis Expected Scenario Brent oil price shows weak trades since ...

Commodities

Crude oil price forecast update 24-05-2024
2024-05-24 09:12AM UTC
Crude Oil Price Analysis Expected Scenario Crude oil price settles around 77.00$ barrier, ...
Silver Analysis

Commodities

Silver price forecast update 24-05-2024
2024-05-24 09:12AM UTC
Silver Price Analysis Expected Scenario Silver price tested the broken bullish trend line ...