Gold prices rebound on dollar weakness

LONDON, May 15 (Reuters) - Gold prices changed course to move higher in New York Tuesday afternoon as a drop in the dollar, after the release of U.S. core consumer price data, prompted investors to buy bullion.
But platinum was mostly flat after the release of British refiner Johnson Matthey's forecast on Monday of a supply surplus this year, although the market was very subdued due to the annual Platinum Week event in London.
Gold fell as low as $664.50, before rebounding to $671.20/672.70 an ounce at 3:01 p.m. EDT (1901 GMT), against $668.20/669.70 late in New York on Monday.
Most-active gold for June delivery on the COMEX division of the New York Mercantile Exchange settled up $4.40 at $674.50 an ounce, having traded between $666 and $675.
The dollar fell against the euro after the report on U.S. consumer prices suggested inflation was well contained.
Michael Widmer, metals analyst at Calyon Corporate and Investment Bank, said gold was supported by the U.S. price data as the Federal Reserve would move closer to lowering interest rates as the upward pressure on consumer prices subsided.