London, Feb 21 (Bloomberg) Gold prices today recovered from recent lows on fresh buying, while platinum slumped to lowest in six weeks as commodities slid after the US Federal Reserve signalled it may consider slowing the pace of asset purchases.
Gold rose 0.2 per cent to USD 1,568.09 an ounce, after dipping to USD 1,555.55, its lowest since July, while silver fell 0.2 per cent to USD 28.51 an ounce.
Platinum fell 2.3 per cent to USD 1,608.20 an ounce after touching USD 1,598.64, the lowest since January 10.
The US dollar rose to the highest since September 5 against a six-currency basket after several policy makers said the Fed should be ready to vary the pace of USD 85 billion in monthly bond purchases amid a debate over the risks and benefits of further easing.
Chinese Premier Wen Jiabao urged local authorities to "decisively" curb real estate speculation and a composite gauge of euro-area services and manufacturing showed a bigger contraction than forecast.
Gold holdings fell 0.2 per cent to 2,569.176 tons, while palladium and silver holding were unchanged.
India, the world's biggest gold buyer, may increase import taxes for a second time this year as it seeks to narrow a widening current-account deficit, curbing demand for bullion in jewelry and investment, according to the All India Gem & Jewellery Trade Federation.
