Sept. 8 (Bloomberg) -- Gold rose to near a record in London as investors sought to protect wealth from lower equities and on concern the economic recovery is stalling. Silver gained to close to the highest level since March 2008. The euro was little changed against the dollar as traders increased bets the Federal Reserve will keep interest rates near zero, while the yen rose to a 15-year high against the greenback on speculation a business survey will add to evidence the U.S. economic recovery is stalling. Gold, up for a third day, is 0.4 percent from a record. Global equities fell for a second day. “Gold is acting like a safe haven,” said Narayan Gopalakrishnan, a Geneva-based trader at bullion refiner MKS Finance SA. “People are just trying to put money into gold instead of equities and currencies. Once the record is taken out we should inch higher toward $1,300 an ounce.” Immediate-delivery bullion added as much as $4.97, or 0.4 percent, to $1,260.52 an ounce, the highest price since June 28. The metal traded at $1,259.32 at 9:19 a.m. in London. Gold for December delivery was 0.1 percent higher at $1,260.90 on the Comex in New York. Bullion has jumped 15 percent this year and is set for a 10th annual gain as investors seek protection against financial turmoil in Europe and the prospect of slowing economic growth. Prices reached a record $1,265.30 an ounce on June 21. The Fed is due today to release its survey of conditions in its 12 districts, known as the Beige Book, before officials meet to review monetary policy on Sept. 21. The jobless rate in the U.S. is likely to approach 10 percent in coming months as the economy fails to grow enough to employ people rejoining the labor force, economists said. ‘Stone’s Throw’ The metal climbed to 994.2139 euros an ounce today, the highest price since July 1, and gold priced in British pounds yesterday also reached a nine-week high, Bloomberg data show. “It’s within a stone’s throw of the June record” as a stall in equities boosts demand, said Shuji Sugata, a research manager at Mitsubishi Corp. Futures Ltd. in Tokyo. The MSCI World Index of shares was 0.4 percent lower today after yesterday dropping the most in two weeks. Bullion was also supported by a Wall Street Journal report that stoked concern over European economic growth, Sugata said. European stress tests on lenders understated some banks’ holdings of potentially risky debt, the Wall Street Journal reported this week, citing its own analysis. The Association of German Banks said Sept. 6 that the country’s 10 largest banks may need fresh capital to meet new regulations. European Debt “With European debt concerns set to intensify we expect further investment diversification to propel” gold and silver to new highs, said James Moore, an analyst at TheBullionDesk.com in London. Global holdings of gold by exchange-traded products rose 3.67 metric tons to 2,077.23 tons yesterday, according to Bloomberg data from 10 providers. Holdings reached a record 2,081.38 tons on Sept. 1. CNBC’s “Mad Money” host Jim Cramer yesterday recommended the purchase of silver on a “bullish” outlook for metal prices. Silver may outpace the price-advance of gold, and is rising on demand from emerging markets and higher sales of electronics, for which silver is used in components, he said. Silver for immediate delivery in London gained 0.6 percent to $19.90 an ounce after yesterday reaching $20.015, the highest price since March 2008. Platinum added 0.1 percent to $1,556.75 an ounce. Palladium rose 0.7 percent to $524.75 an ounce. --Editors: John Deane, Stuart Wallace. To contact the reporters on this story: Jae Hur in Tokyo at jhur1@bloomberg.net; Nicholas Larkin in London at nlarkin1@bloomberg.net. To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net.

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