* European shares in the red
* Platinum recovers from lowest in nearly three weeks
* Palladium slips 1.4 pct (Updates prices, adds comment)
By Eileen Soreng
Jan 22 (Reuters) - Gold bounced back on Tuesday from multi-week lows touched in the previous session as mounting concerns of an economic slowdown exacerbated by a cut in the International Monetary Fund's global growth forecast drove investors to the safety of bullion.
Spot gold XAU= was up 0.3 percent at $1,282.80 an ounce at 1323 GMT, recovering from a dip on Monday to its lowest since Dec. 28 at $1,276.31. U.S. gold futures GCv1 were little changed at $1,282.
"Gold and safe-haven demand are in a stable relationship ... There is a bit of risk-off sentiment," said ABN AMRO (AS:ABNd) analyst Georgette Boele, adding that weakness in European stock markets and lingering doubts surrounding the U.S.-China trade spat were supporting gold.
Pessimism about global growth weighed on equities after the IMF warned of a darkening outlook and China confirmed its slowest growth rate in nearly 30 years. MKTS/GLOB
In its World Economic Outlook report, the IMF predicted that the global economy would grow at 3.5 percent in 2019 and 3.6 percent in 2020, down 0.2 and 0.1 percentage points respectively from last October's forecasts. held its own against gains in the dollar, with the greenback also sought as a refuge by investors concerned by the global economic outlook. USD/
The metal was buoyed, too, by limited buying on the dips, analysts said.
"What we have positive for gold is that there is a renewed investment demand, so the holdings of the physically pegged products continue to grow," said Julius Baer analyst Carsten Menke.
Holdings of SPDR Gold GLD , the largest gold-based exchange-traded fund, rose 1.5 percent on Friday to 809.76 tonnes. GOL/ETF
Gold has risen more than 10 percent since touching 1-1/2-year lows in mid-August, mainly because of tumultuous stock markets and a softer dollar.
Adding to gold's appeal, U.S. Federal Reserve officials have left little doubt that they want to stop raising interest rates, at least for a while. interest rates tend to reduce appetite for non-yielding gold.
"On a 12-month horizon and then further out, we see more upside once the dollar starts to weaken, as more investment demand comes back into the market, especially after we get clear evidence that the global economy is slowing," Menke added.
On the technical front, "gold remains in a bullish channel on the daily charts", FXTM research analyst Lukman Otunuga said in a note. "An intraday breakout above $1,286 is likely to open a path towards $1,295 and $1,300."
Spot palladium XPD= , which hit a record high of $1,434.50 last week on a sustained deficit and rising demand, slipped 1.2 percent to $1,345. It earlier touched $1,331, its lowest since Jan. 16.
Silver XAG= rose 0.6 percent to $15.31 an ounce while platinum XPT= advanced by 0.8 percent to $797 after touching its lowest since Jan. 2 at $784.