Gold, little changed today in London, may advance for a second day on speculation government measures won’t immediately improve the global economy, raising demand for the metal as a store of value. Platinum gained. U.S. Treasury Secretary Timothy Geithner yesterday said it will “take time” for the U.S. government’s bank rescue packages to work as he pledged as much as $2 trillion in financing for programs aimed at spurring new lending and addressing banks’ toxic assets. Stocks fell in Europe and Asia today on speculation that the proposed U.S. bank rescue won’t revive the economy. Following Geithner’s warning, “investors are likely to lack confidence, with markets set to remain pressured, and potentially drawing further interest towards safe-haven assets such as gold,” James Moore, an analyst at TheBullionDesk.com in London, wrote today in a note. “The lack of clarity surrounding bank toxic assets is likely to prompt further safe-haven interest.” Bullion for immediate delivery added $1.69, or 0.2 percent, to $916.79 an ounce by 9:35 a.m. local time. April futures gained $3.60, or 0.4 percent, to $917.80 in electronic trading on the Comex division of the New York Mercantile Exchange. The metal yesterday rose the most this month in London. The U.S. Senate also approved a separate $838 billion economic stimulus package yesterday, clearing the way for negotiations with the House. Holdings in the SPDR Gold Trust, the biggest exchange-traded fund backed by bullion, expanded to a record 894.72 metric tons yesterday. Among other metals for immediate delivery in London, silver rose 1 percent to $13.275 an ounce. Platinum gained $7.25, or 0.7 percent, to $1,042.50 an ounce, and palladium was 0.5 percent higher at $213.50 an ounce.

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