Platinum rises as dollar holds

Economies.com
2019-10-02 14:40PM UTC

Platinum prices rose today amid positive stability for the dollar index against a basket of major currencies, after it sharply rose yesterday and President Trump's comment on it.

 

While the Institute for Supply Management showed yesterday that the US manufacturing PMI fell to 47.8 points in September (its lowest since June 2009).

 

Which has raised fears about the US manufacturing sector, and increased recession concerns.

 

Bearing in mind that the drop of the US manufacturing sector will negatively affect demand on industrial metals such as platinum, palladium, nickel and many more.

 

Otherwise, the dollar index held at 99.1 points as of 14:28 GMT, with a high of 99.4 a low of 99.08 points.

 

By 14:29 GMT, platinum prices rose by 0.5% to $890.8, with an intraday high of $893.2 and a low of $875.6.

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