By Kim Kyoungwha April 16 (Bloomberg) -- Gold declined, snapping a two day advance, as the strengthening dollar sapped demand for the precious metal as an alternative asset. Gold for immediate delivery weakened 0.4 percent to $1,155.10 an ounce at 1:48 p.m. in Singapore. The dollar rose for a second day, adding 0.2 percent against six major global currencies as prospects Greece will struggle to rein in the euro region’s widest budget deficit spurred haven demand. “Gold is down because of the dollar’s strength and white metals are also weaker,” said Wallace Ng, head of precious metals with Fortis Nederland NV in Hong Kong. “That doesn’t mean the trend has changed. The retreat in metals is viewed as a temporary correction.” Bullion has fallen 0.6 percent this week after rising for a fourth consecutive week to April 9. The metal touched $1,170 an ounce on April 12, the highest price since Dec. 4. Eleven of 20 traders, analysts and brokers surveyed by Bloomberg, or 55 percent, said gold may rise next week as signs of rising producer prices spur demand for the precious metal as a hedge. Four people expect a decline and five were neutral. “It’s still unclear so you can’t be positive or negative,” said Ghee Peh, head of Asian mining research with UBS Securities Asia Ltd. in Hong Kong. “At the moment, gold is definitely not a safe haven because things are not that bad and there’s no inflation so it has to be neutral.” Silver lost 0.5 percent to $18.323 an ounce, platinum rose 0.1 percent to $1,720.60 an ounce and palladium was down 1 percent at $539.40 an ounce. To contact the reporter on this story: Kyoungwha Kim in Singapore at Kkim19@bloomberg.net

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