Gold rose near a six-month high in London as investors sought a haven in precious metals on speculation the global economy will continue to deteriorate. Stocks fell in Europe and Asia today on concern U.S. measures won’t revive the global economy. U.S. Treasury Secretary Timothy Geithner said he needs time to work out details of a bank-rescue plan of as much as $2 trillion unveiled two days ago. Holdings in the world’s biggest exchange-traded fund backed by gold yesterday rose to a record for the 14th time in four weeks. “Investment from the broader global market is still pouring into gold as a hedge against global uncertainties,” London-based broker Marex Financial Ltd. said in a note today. While some investors are selling between $943 and $945 an ounce, yesterday’s performance may mean the rally isn’t over, Marex said. Bullion for immediate delivery gained as much as $7.39, or 0.8 percent, to $946.38 an ounce and traded at $944.95 by 9:03 a.m. local time. It rose the most in two weeks yesterday and has climbed 3.7 percent this week. April futures added $1.70, or 0.2 percent, to $946.20 in electronic trading on the Comex division of the New York Mercantile Exchange. Spot prices climbed to $947.88 an ounce in London yesterday, the highest since July 23. Holdings in the SPDR Gold Trust, the biggest exchange-traded fund backed by bullion, expanded to a record 935.09 metric tons yesterday. Gold held in exchange-traded funds managed by ETF Securities Ltd. advanced to a record 2.29 million ounces, according to data on the company’s Web site today. Among other metals for immediate delivery in London, silver rose 1.2 percent to $13.695 an ounce. Platinum gained $7.50, or 0.7 percent, to $1,077 an ounce, and palladium was 0.8 percent higher at $216.50 an ounce.

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