AP: Platinum, palladium prices drop as dollar spikes
Platinum and palladium prices fell Thursday as the dollar rose and weak economic data heightened concerns about waning demand for commodities.
Along with other precious metals like gold and silver, platinum futures for January delivery fell by $56.50 to $1,043.10 an ounce on the New York Mercantile Exchange.
Palladium futures for December delivery fell by $7.75 to $203.20 an ounce on the Nymex.
After the Senate voted to approve a revised $700 billion financial bailout plan late Wednesday, the U.S. dollar rose to a one-year high against the euro. The House is expected to vote on the bill Friday.
The economy continues to weaken. Commerce Department said U.S. factory orders dropped by 4 percent in August, the largest amount in nearly two years.