Gold rose for the first time this week in London after the U.S. economy shrank in the fourth quarter at an even faster pace than previously estimate, spurring demand for the metal as a store of value. European equities fell and U.S. stock-index futures dropped. Crude oil and industrial metals also declined. Gross domestic product contracted at a 6.2 percent annual pace from October through December, more than economists anticipated and the most since 1982. Disappointing economic data would likely be supportive for gold, Peter Fertig, owner of Quantitative Commodity Research Ltd. in Hainburg, Germany, said earlier today. Bullion for immediate delivery added as much as $16.97, or 1.8 percent, to $963.17 an ounce, erasing a drop of as much as 1 percent. It was at $957.49 an ounce at 1:51 p.m. local time. April futures rose $15.30, or 1.6 percent, to $957.90 an ounce in electronic trading on the New York Mercantile Exchange’s Comex division. Among other metals for immediate delivery in London, silver gained 1.1 percent to $13.28 an ounce. Platinum added 1.3 percent to $1,066.25 an ounce and palladium added 0.3 percent to $197.50 an ounce.

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