Platinum prices tilted lower on Thursday, to continue for the second session to bounce back from the highest since November 7, as the US dollar continues to recover from its lowest since November 5 for the fourth straight session, in line with the inverse relation between them, while market participants await the release of several US economic data later today, amid the recent developments in the trade war, which passed its first year already. 

Platinum prices fell by 0.05% to $916.80 an ounce as of 05:31 GMT, from the opening of $917.29, while the dollar index rose by 0.02 to 97.88 points after opening at 97.86. 

Investors are anticipating the release of the US unemployment reading for the previous week, with forecasts to decline by 10K to 215K applications vs. 225K, while the continuing claims reading is expected to reach 1,683K applications for the week ended Nov.9.

This coupled with the release of Philadelphia industrial index, with forecasts for an expansion to 7.0 from 5.6 in October, while the existing home sales reading is expected to rise by 2.1% to 5.49 million, vs. decline by 2.2% at 5.2.2 million last September.

The CB leading index will also be released, with forecasts to decline by 0.1% in October, this comes after the Federal Reserve revealed the minutes of its recent meeting at October 29-30, which saw the third interest rate cut this year, by 25 basis points to between 1.50% and 1.75%.

On the other hand, markets are still pessimistic about the US and China ability to reach a trade agreement ahead of the end of this year, before Washington begin the forthcoming tariffs hike on Chinese goods scheduled for December 15, especially after President Trump threatened more tariff hikes if China didn't sign a trade deal with the US.

Gold futures tilted down during the Asian session on Thursday, bouncing off the highest since November 7 for the second straight session, while the US dollar rebounded from its lowest since November 5 for the fourth straight session, in line to the inverse relation between them, ahead of the release of several US economic data later today, while investors eye the recent developments in the trade war, which passed its first year already. 

Gold futures for December delivery slipped 0.27% to $1,471.10 an ounce as of 04:35 GMT, after opening at $1,475.10, the futures gaped lower after closing yesterday at $1,474.20, while the US dollar index rose by 0.03% to 97.89 after it opened at 97.86. 

Investors are anticipating the release of the US unemployment reading for the previous week, with forecasts to decline by 10K to 215K applications vs. 225K, while the continuing claims reading is expected to reach 1,683K applications for the week ended Nov.9.

This coupled with the release of Philadelphia industrial index, with forecasts for an expansion to 7.0 from 5.6 in October, while the existing home sales reading is expected to rise by 2.1% to 5.49 million, vs. decline by 2.2% at 5.2.2 million last September.

The CB leading index will also be released, with forecasts to decline by 0.1% in October, this comes after the Federal Reserve revealed the minutes of its recent meeting at October 29-30, which saw the third interest rate cut this year, by 25 basis points to between 1.50% and 1.75%.

Yesterday, several news reports touched the potential failure of the US and China efforts to reach a trade agreement before the end of this year, before Washington begin the tariffs hike on Chinese goods scheduled for December 15, which sparked markets' worries, especially after President Trump threatened a tariff hike if the US and China didn't sign a trade deal.

Reuters also cited sources familiar with the talks that the two countries might not reach a trade agreement until next year, as US officials fear that the rollback of tariffs on Chinese goods won't allow discussions on both the intellectual property issues and technology transfer, which can't be considered as a victory by President Trump.

Moreover, Reuters revealed that US trade negotiators are concerned about president Trump reaction to any trade agreement that may come up later. Yet, Trump said yesterday that the trade talks will continue, and Beijing still wants to conclude the trade agreement, and wondered that if he wants that or not.

The White House spokesperson also confirmed yesterday that trade talks with China are still in progress and the two are about to sign of the first phase of the trade agreement. This coupled with President Trump administration's new extension for the US companies’ exemption to continue supply some products to the Chinese tech giant "Huawei".

Yesterday, Chinese Foreign Ministry spokesperson Geng Shuang said that China condemns the Hong Kong Human Rights Act and stated that it neglects facts and truth, hours after the US Senate passed it to support Hong Kong protesters. The bill is still before the House of Representatives for a vote and then will be passed for the president's signature.

Asian stock indices opened lower on Thursday, to follow their US counterparts as optimism about the US-China trade deal faded amid expectations of several hurdles in its way, in addition to fears over signing the 'Phase I' trade deal in the near-term before Washington begin the tariffs hike on Chinese goods scheduled for December 15.

Yesterday, Reuters, cited sources familiar with the talks that the two countries might not reach a trade agreement until next year, as US officials fear that the rollback of tariffs on Chinese goods won't allow discussions on both the intellectual property issues and technology transfer, which can't be considered as a victory by President Trump.

Moreover, Reuters revealed that US trade negotiators are concerned about president Trump reaction to any trade agreement that may come up later. Yet, Trump said yesterday that the trade talks will continue, and Beijing still wants to conclude the trade agreement, and wondered that if he wants that or not.

US Commerce Secretary, Wilbur Ross, also stated yesterday that the Commerce Department has received more than 290 applications for licenses from various companies and that they have already begun to examine those applications and is working to respond to about 20 licenses per day. 

Yesterday, Chinese Foreign Ministry spokesperson Geng Shuang said that China condemns the Hong Kong Human Rights Act and stated that it neglects facts and truth, hours after the US Senate passed it to support Hong Kong protesters. The bill is still before the House of Representatives for a vote and then will be passed for the president's signature.

As for trading, Japanese stocks fell today, with Topix index falling by 0.98% or 16.49 points to 1,674.62, and Nikkei 225 lost 1.19% or 276.54 points to 22,872.03.

Chinese stock indices also fell as well, as CSI 300 index fell by 0.18% or 7.16 points to 3,900.70, the Shanghai Composite slipped 0.10% or 2.88 points to 2,908.17.

Hong Kong's Hang Seng Index fell by 1.56% or 418.82 points to 26,470.79, along with the South Korean Kospi, which lost 1.22% or 25.85 to 2,099.47.

In Australia, S&P/ASX 200 fell by 0.82% or 54.82 points to 6,667.60. Similarly, New Zealand's NZX 50 fell by 0.01% or 1.09 points to 10,974.40.

US stocks closed lower on Wednesday, pulled down by negative news reports about the trade US-China trade talks, but didn't show significant reaction after the Federal Reserve revealed its meeting minutes.

Reuters cited sources that the signing of the the first phase trade deal between Washington and Beijing  might get postponed until next year, in a sign that the talks are facing hurdles.

The Fed's minutes of its late October's meeting revealed today that most FOMC members are optimistic and their concerns over the trade war have eased, hinting that the bank hit a pause for any monetary policy decision in the near-term to reassess the impact of this year's three cuts on the economy.

In the oil market, West Texas Intermediate (WTI) jumped 3.4% and settled at $56.11 a barrel, with a session-high of $57.2, and a low of $54.7.

Brent gained 2.1% to $62.40 a barrel, and hit a high of $62.8 and a low of $60.3.

As for stocks, Dow Jones fell by 0.4% or 113 points to close at 27,821, and hit an intraday high of 27,897 and a low of 27,675.

Nasdaq lost 0.5% or 44 points to 8,526, with a high of 8,578 and a low of 8,468.

S&P 500 dropped 0.3% or 11 points and close at 3,108, with a high of 3,118 and a low of 3,097.