Gold rose, heading for the third straight weekly gain, as the dollar declined, enhancing the appeal of the precious metal as an alternative investment. Silver and platinum also climbed. The dollar was headed for the third consecutive weekly drop against a basket of six major currencies. This month, the greenback has slumped after the Federal Reserve reduced its benchmark interest rate to almost zero. Gold rallied to a record in March after a cut in borrowing costs sent the dollar to an all-time low against the euro in July. “Gold may be a good place because it is competing against zero rate of return,” said Ron Goodis, a retail trading director at Equidex Brokerage Group Inc. in Closter, New Jersey. “When most else is unsafe, or yielding virtually nothing, at least gold has some historical significance.” Gold futures for February delivery rose $2.70, or 0.3 percent, to $850.70 an ounce at 8:55 a.m. on the Comex division of the New York Mercantile Exchange. The price has climbed 1.6 percent this week. Silver futures for March delivery climbed 7 cents, or 0.7 percent, to $10.42 an ounce. Platinum futures for April delivery gained $20.40, or 2.4 percent, to $883.60 an ounce on the Nymex. Palladium for March delivery was little changed at $175 an ounce. The dollar is up 5.3 percent this year against the basket of currencies after gaining as much as 15 percent on Nov. 21. Gold is the only metal still poised for an annual gain.

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