Gold prices hover above $1,600, recovery hopes offset bargain buys

Feb 20 2013, 09:15 IST
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SummaryGold may continue its recent trading pattern in which prices rise initially with support from buyers.

the central bank's attitude towards its monetary policy, which has helped gold's rally in recent years.

"Unless the Fed expresses a very pessimistic view on the economic outlook, gold is unlikely to react with a strong rally," Li added.

Holdings of SPDR Gold Trust, the world's top gold-backed exchange-traded fund, dropped more than 3 tonnes from the previous session to 1,319.964 tonnes on Feb. 19, the lowest level in nearly five months.

Anglo American Platinum expects operations at its South African mines to resume on Wednesday after workers staged a one-day walk-out following union violence at one of its mines, a spokeswoman said.

Spot platinum edged up 0.2 percent to $1,691.74 an ounce.

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