Gold rose for a second straight day on speculation the recession will deepen, boosting the appeal of the precious metal as a haven asset. Silver also gained. Investment in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, rose to a record 1,008.8 metric tons yesterday. Before today, gold gained 9.4 percent this year while the Reuters/Jefferies CRB Index of 19 commodities fell 11 percent and the Standard & Poor’s 500 Index of equities declined 13 percent. “Investor confidence is extremely shaky,” said Matt Zeman, a metals trader at LaSalle Futures Group in Chicago. “People are still flocking to gold for its perceived safety.” Gold futures for April delivery climbed $2.60, or 0.3 percent, to $970.10 an ounce at 9:33 a.m. on the Comex division of the New York Mercantile Exchange. Gold gained 5.5 percent last year. Silver futures for March delivery rose 12.5 cents, or 0.9 percent, to $14.135 an ounce. Silver is up 24 percent this year through yesterday after dropping 24 percent in 2008.

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