By Glenys Sim May 4 (Bloomberg) -- Gold, trading little changed near a five-month high, may climb for a fourth day as sovereign debt risks in Europe and volatile currencies boost demand for the metal as a haven. Gold for immediate delivery was at $1,180.40 an ounce at 12:10 p.m. in Singapore, after gaining as much as 0.2 percent earlier in the longest rally since the five-day advance ending April 9. The metal reached $1,187.80 yesterday, the highest intraday level since Dec. 4. “With Greece practically bankrupt, Portugal and Spain under close observation and Argentina with a fresh debt re- scheduling” it’s understandable investors are seeking a haven, Oliver Heuschuch, sales and marketing manager at Heraeus Metallhandels GmbH, said in an e-mail. “For the moment, gold cannot do much wrong.” Gold priced in euros, sterling and Swiss francs climbed to records yesterday as investors sought a hedge against declining currencies. The euro fell yesterday for the first time in four days against the dollar as investors doubted the 110 billion euro ($146 billion) bailout package for Greece would end the debt crisis in Europe. Euro-region finance ministers approved the bailout for Greece on May 2, while refusing to say how they would help other indebted nations if the need arose, calling Greece a “special case.” Bullion rose 1.9 percent last week on concern that Greece’s debt woes will spread to Portugal and Spain. Argentina’s government yesterday opened an offer to exchange about $20 billion in defaulted bonds held out of a 2005 swap. Economy Minister Amado Boudou said there was a “quite good reaction” from investors whom he met. ‘Demand From Investors’ “If news from Athens, Lisbon, Madrid is bad, the yellow metal profits from demand from investors who want to secure part of their assets,” said Heuschuch. “If however, for a change, good news comes from these capital cities, the euro benefits and gold gets bought as a hedge against a falling U.S. dollar.” Platinum for immediate delivery climbed 0.5 percent to $1,730.70 an ounce after dropping as much as 1 percent yesterday as the dollar rose and April sales by carmakers including General Motors Co. and Ford Motor Co. missed analysts’ estimates. Silver lost 0.3 percent to $18.7475 an ounce after rising as much as 1.2 percent to $18.865 an ounce yesterday, its highest price since Jan. 11. Palladium rose 0.4 percent to $543.50 an ounce after falling 1.3 percent yesterday. To contact the reporter on this story: Glenys Sim in Singapore at gsim4@bloomberg.net

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