Gold hovers near 3-1/2 month high as safe-haven bids support

SINGAPORE (Reuters) - Gold drifted slightly lower on Tuesday after scaling fresh 3-1/2 month highs early in the session, as safe-haven bids continued to support the metal amid a weaker U.S. dollar and concerns over economic growth.

Silver rose for a fourth session and was trading near its highest since early November.

FUNDAMENTALS

Spot gold was nearly unchanged at $1,327.90 by 0024 GMT, after hitting $1,332.10 earlier in the session - its highest since November.

Silver rose nearly 1 percent and wasn't too far from a 3-1/2 month high of $21.96 hit on Monday.

Indonesia's PT Indosmelt plans an initial public offering by the end of 2015 to raise about $500 million to build a gold refinery, its president director said.

India will look into relaxing gold imports curbs, but won't let its current account deficit balloon, Finance Minister P. Chidambaram said.

Twenty two artisinal gold miners who came out of a disused and temporarily blocked shaft near Johannesburg over the last two days have been arrested and will be charged with illegal mining, South African police said on Monday.

(Reporting by A. Ananthalakshmi; Editing by Richard Pullin)