Platinum slightly rises on weaker dollar

Platinum prices rose today, with a slight drop of US dollar against most major currencies while investors head to the equity markets following speculations that the US Federal Reserve plans to cut interest rates soon.

In his testimony before the US House of Representatives, the head of the central bank, Jerome Powell, said there are uncertainties and risks that put pressure on the economy, which many interpreted as a hint of a rate cut.

Fed's member James Pollard said he would vote at the July meeting in favor of a rate-cutting decision to ward off risks to the economy.

Platinum has not benefited much from investors' appetite for precious metals today, despite the decline in the dollar and a slowing global economic growth concerns and tensions in the Middle East.

In a related context, by 14:15 GMT, the dollar index (against a number of major currencies) fell by 0.1% to 97.01 points, reaching a high of 97.06 points and a low of 96.8 points.

In terms of trade, by 14:15 GMT, platinum prices rose by 0.1% to $830.8 per ounce, the highest at $836.2 and the lowest at $828.5.