Platinum prices soared today, to extend gains as safe-haven demand surged on precious metals, while the market focus turned to corporate earnings results and next week's Federal Reserve meeting.

The European Central Bank kept interest rates on deposit unchanged at -0.5% yesterday, and announced it will continue the assets purchasing program of €20 billion per month.

US President Donald Trump renewed his criticism of the Fed, demanding it to follow other central banks' policies, including the ECB on rate cuts and monetary stimulus, and added that no doing so is a derelict in its duties.

Which comes ahead of the next Federal Reserve's meeting on Tuesday and Wednesday, amid growing expectations for the third cut during 2019.

Platinum is also expected to benefit from the strong demand on precious metals.

As of 14:14 GMT, platinum spot price rose by 1.6% to $940.2 an ounce, with a session-high of $943 and a low of $926.

US stocks rose during the trading sessions today, as more companies continued to pour their earnings results into the maret, while the market focus shifted to the Federal Reserve meeting scheduled for next week.

Amazon, Intel and Twitter released their earnings reports for the third quarter yesterday, while Amazon's profit fell for the first time since June 2017.

The market set sights on the next Federal Reserve's meeting on Tuesday and Wednesday, amid growing expectations for the third cut since the 2008 financial crisis.

While the European Central Bank kept interest rates on deposit unchanged at -0.5% yesterday, and announced it will continue the assets purchasing program of €20 billion per month.

To the stock market, Dow Jones gained 0.5% or 137 points to 26,942 as of 14:54 GMT, Nasdaq advanced 0.4% or 32 points to 8,220, while S&P 500 rose by 0.1% or 3 points to 3,014.

At 08:00 GMT, the IFO economic institute released its German business confidence index reading for October, which held at 94.6 points unchanged from the previous reading, while slightly higher than forecasts of 94.5.

Oil prices stabilized today as the US market opened, hovering near a 3-week high, while heading towards the second weekly gain in 3 weeks, as concerns over a US economic slowdown eased in addition to a surprise drop in the US crude inventories for the first time in a month and a half.

WTI held at $55.95 as of 12:42 GMT, from the opening of $56.02, with an intraday high of $56.21 and a low of $55.85. 

Brent is trading around $61.40 a barrel, from the opening of $61.50, with a high of $61.72 and a low of $61.30.

WTI closed higher by 2.8% yesterday, marking its third straight daily gain and posted a 3-week high of $56.47, and Brent futures gained 0.5%, and posted the highest since September 30 of $61.88.

During this week, global oil prices gain an average of 4%, on the cusp of the second weekly gain in 3 weeks.

The US economy released on Thursday its flash reading for the manufacturing PMI, which grew in October to 51.5 points, higher than forecasts of 50.7 and higher than September reading of 51.1.

The data calmed the worries over a US economic slowdown, and prompted the US oil demand outlook.

The US Energy Information Administration (EIA) showed in its weekly report yesterday that the US crude inventories fell by 1.7 million barrels in the week that ended in Oct.18, in the first weekly decline in a month and a half, and also fell short of expectations of a rise by 2.5 million.

While the US production level remained unchanged from the previous week at its all-time highest record total of 12.6 million barrels per day, to allow the US to keep its rank as the world's largest oil produces.

The rise in oil prices for two days also increased prospects that OPEC Plus is going to move towards deeper output cuts, to reduce the global crude inventories to help in stabilizing the market.