Platinum prices gave up on their 17 - month high at about $1654 per ounce due to the launch of the new and recent exchange - traded funds which is evidently overrun by the resurgent dollar. It has been reported that the price of gold too had dropped by about 0.8 per cent and the rate actually fell below $1130, and the main reason seemed to be the currency fundamentals that are unfavourable right now.

The rate of spot platinum even rose to $1654, which is the highest since the month of August in 2008. But it did not stay that way as the strength of the dollar brought down the price to $1627, from what used to be $1643, on Tuesday.

It has also been reported that the U. S. dollar saw a five month high when compared to the euro, and platinum and palladium had seen an increase in the rates ever since the U. S. subsidiary of ETF Securities, which is primarily based in London, had launched an exchange - traded fund for both the metals in the early days of this month.