Gold traded little changed in Asia as the dollar steadied before a European Central Bank meeting where interest rates are widely expected to be cut by at least half a percentage point. Platinum declined. The Dollar Index on ICE futures, which tracks the greenback versus six major U.S. trading partners, traded little changed, after reaching a one-month high yesterday as investors flocked from higher-yielding assets into U.S. Treasuries for safety. Still, gold prices have ``held up well in the face of a resurgent U.S. dollar,'' said Dan Smith, metals analyst at Standard Chartered Plc. ``On the one hand, jewelry demand is under pressure from high prices as well as consumers' reluctance to spend on discretionary items given rising unemployment and slowing global economies,'' Smith said in a report e-mailed today. ``On the other hand, central bank sales of gold have dropped sharply and exchange-traded fund investors remain keen buyers.'' Bullion for immediate delivery traded little changed at $812.15 an ounce at 2:13 p.m. in Singapore, after falling as much as 0.5 percent to $807.83 an ounce earlier. Gold for February delivery was up 0.4 percent at $811.60 in electronic trade on the Comex division of the New York Mercantile Exchange. Pushing gold lower was a decline in crude oil prices after a U.S. government report showed stockpiles soared to a 16-month high amid tumbling fuel demand. Oil fell as much as 3.1 percent to $36.13 a barrel and last traded at $36.36. Platinum Slumps Platinum fell for a fourth day to a two-week low on concern demand from jewelers, carmakers and other users will drop further after U.S. retail sales declined twice as much as expected. Most platinum is consumed in making jewelry and catalytic converters for cars and trucks. The metal for immediate delivery fell 2.2 percent to $915 an ounce, after falling to $902.50, the lowest since Dec. 31. Retail sales last month sank 2.7 percent from November, a record sixth straight monthly drop, the Commerce Department reported yesterday in Washington. Purchases excluding automobiles slumped 3.1 percent, and sales for the year slipped 0.1 percent, the first decline since at least 1992. ``There seems to be little doubt that fundamentals remain weak, which should be the main driving force for the early part of this year,'' said Standard Chartered's Smith. Expectations for a weaker U.S. dollar and the threat of further mine closures should ``limit the downside,'' he added. Among other precious metals for immediate delivery, silver lost 0.7 percent to $10.51 an ounce, and palladium was 0.7 percent lower at $181.75 an ounce at 2:09 p.m. in Singapore.

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