Gold traded at its highest in almost six months in London as investors sought a haven on speculation the global economy will continue to deteriorate. Platinum reached a four-month high. Stocks fell in Europe and Asia today on concern that U.S. measures won’t be enough to revive the 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. 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. Bullion for immediate delivery gained as much as $7.39, or 0.8 percent, to $946.38 an ounce and traded at $943.05 by 12:51 p.m. local time. It rose the most in two weeks yesterday and has climbed 3.5 percent this week. April futures added 10 cents to $944.60 in electronic trading on the Comex division of the New York Mercantile Exchange. Platinum for immediate delivery advanced as much as $19, or 1.8 percent, to $1,088.50 an ounce, and was last at $1,078.50 an ounce. The metal, used in car pollution-control devices and jewelry, is heading for its biggest weekly gain since May. Gold rose to $944 in the morning “fixing” in London, used by some mining companies to sell production, from $938 at yesterday’s afternoon fixing. Spot prices, which reached a record $1,032.70 in March, climbed to $947.88 an ounce in London yesterday, the highest since July 23. Geithner’s Proposal Geithner’s proposal to help banks, part of the government’s plan to rescue the economy, fell short of expectations among investors. U.S. House and Senate lawmakers agreed late yesterday on a $789 billion plan designed to stem the recession through government spending and tax cuts that may be passed by Congress by the end of this week. “With little sign of a letup in the flows of investment demand entering the market, we remain confident gold will set a new all-time high within the next few months,” said James Moore, an analyst at TheBullionDesk.com in London. 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. Bullion may climb to $2,000 an ounce by the end of next year as governments increase money supply to combat recession, Goldcorp Inc. founder Rob McEwen said yesterday. The metal may soar to $5,000 an ounce by the end of the cycle, which could take an additional four years, said McEwen, who has more than $100 million in gold investments. Among other metals for immediate delivery in London, silver lost 0.7 percent to $13.43 an ounce and palladium was 0.5 percent higher at $215.75 an ounce.

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