Platinum sheds 1% as dollar strengthens

Platinum prices fell nearly one percent in American trade to the lowest since October 6, as the dollar index hit intraday highs, amid a lack of data from the US, the world's largest economy, and ahead of GDP growth data for third quarter later this week. 

As of 02:34 GMT, platinum fell 0.81% to $916.38 an ounce from the opening of $923.84, while the dollar index rose 0.28% to 93.97 from the opening of 93.70. 

Standard Chartered said recently that the platinum market will be "mostly balanced", after revising its forecasts of to a surplus of supplies this year at 63 thousand ounces, compared to a deficit of 42K deficit in 2016. 

Otherwise, the dollar index marches to three-week highs as US treasury bond yields surge, with two-year bond yields hitting nine-year highs, while 10-year bond yield rose 6 basis points to 2.38%. 

Markets are pricing in a probable third interest rates hike by 26 basis points later this year, while President Donald Trump is expected to choose a policy hawk as the new Federal Reserve Chair.

As the outlook brightens, investors are moving liquidity away from safe havens and precious metals towards higher yielding assets, such as stocks, in turn weighing on platinum.