DY: Platinum falls from 17-mth highs,dollar saps gold
LONDON: Platinum prices retreated on Wednesday, falling from earlier 17-month highs of $1,654. Gold prices also buckled, pressured by unfavourable currency fundamentals, dropping 1.5 percent to below $1,120. Spot platinum rose as high as $1,654, a level last seen in August 2008, but the dollar’s strength pulled prices back to $1,624.50 by 1449 GMT, down from $1,643 quoted late in New York on Tuesday. It earlier hit an intraday low at $1,612. Platinum’s sister metal palladium retreated to $457.00, from $464.50 late in New York on Tuesday. Gold prices reflected currency market sentiment, with dollar strength sapping the metal’s appeal to non-US investors. Spot gold stood at $1,122.45 per ounce, down from $1,137.95 quoted late in New York on Tuesday — having earlier hit a low of $1,118.90. Spot silver followed gold’s lead, falling to $18.29 per ounce. reuters
