Platinum prices settle lower in American trade

Platinum prices tilted lower even as the dollar index edged down near a 15-month nadir, following earlier data from the US, the world's largest economy. 

As of 02:31 GMT, platinum prices shed 0.08% to $944.81 an ounce from the opening of $945.52, while the dollar index dipped 0.04% to 93.01 from the opening of 93.04. 

Earlier US data showed the ADP private sector employment change increasing 178 thousand in July, slowing down from June, as markets await later US labor data on Friday. 

Investors await the US payrolls report on Friday, with the unemployment rate expected to have fallen to lowest since April ,2001 at 4.3%, and for average hourly earnings to grow 0.3% in July, and for the economy to have created 183 thousand new jobs last month.

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