Gold traded little changed in Asia after the dollar steadied against the euro, weakening the bullion’s appeal as an alternative investment. Platinum rose. Gold is headed for a third weekly gain as the dollar is still set to drop against the euro for a fifth week. Platinum gained as the Fed bolstered plan to save General Motors Corp., easing concern demand will drop for the metal used in car catalysts. “Gold is solid as the dollar is under pressure because of a deepening U.S. recession and the Fed policy of keeping interest rates near zero,” Tatsuo Kageyama, an analyst at Kanetsu Asset Management Co. in Tokyo, said today by phone. Gold for immediate delivery lost 0.1 percent to $846.50 an ounce at 12:28 p.m. in Tokyo. December-delivery gold on the Tokyo Commodity Exchange gained 0.5 percent to 2,464 yen per gram ($847 an ounce). The dollar advanced 0.1 percent to $1.4017 per euro and the same amount against the yen to 90.50 yen. The U.S. currency is headed for its first weekly gain against the yen in two months after Japanese industrial production slumped. Japan’s recession deepened in November as companies cut output at the fastest pace in 55 years and rising unemployment prompted households to pare spending. Bullion is also supported as crude oil in New York rose for the first time in three days, boosting the appeal of the precious metal as an inflation hedge. It last traded 2.2 percent higher at $36.11 a barrel. Silver for immediate delivery added 0.5 percent to $10.38 an ounce. Platinum, Palladium Platinum and palladium advanced after GMAC LLC won Federal Reserve approval to become a bank holding company, a switch that may enable money-losing auto and home lenders to tap U.S. financial bailout programs to help keep them in business. “The plan may make it easier for U.S. consumers to get car loans, leading to a recovery in auto sales,” Kageyama said. Both platinum and palladium are used for pollution-control devices in cars and trucks. The Fed used emergency powers to grant Detroit-based GMAC’s request, citing turmoil in financial markets and the potential impact on GM, the biggest U.S. automaker, which has warned it’s running out of cash. Dealers and analysts say a GM rescue is more likely to work if GMAC is still around to make car loans, which the Fed’s action ensures. Platinum for immediate delivery added 1.3 percent to $871.50 an ounce. December-delivery platinum on the Tokyo Commodity Exchange added 2.8 percent to 2,556 yen a gram. Immediate- delivery palladium gained 0.6 percent to $174.75 an ounce.

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