Gold may gain for a fourth day in New York as concern about Europe’s debt crisis spurs demand for a protection of wealth. Christian Noyer, a Governing Council member of the European Central Bank, yesterday ruled out a restructuring of Greece’s debt, calling it a “horror story” that would leave the nation shut out of financing for years. Gold climbed to records priced in euros and British pounds today as policy makers disagree over how to solve Greece’s fiscal woes. “Market participants remain nervous about peripheral debt troubles in the euro zone,” Andrey Kryuchenkov, an analyst at VTB Capital in London, said today in a report. “Gold will remain well-supported in the short-term.” Gold for June delivery rose $2.10, or 0.1 percent, to $1,525.40 an ounce by 8:25 a.m. on the Comex in New York. Prices reached $1,529 yesterday, the highest level since May 4. Immediate-delivery gold was little changed at $1,525.13 in London. Bullion was unchanged at $1,527 an ounce in the morning “fixing” in London, used by some mining companies to sell output, from yesterday’s afternoon price. Concern about faster inflation, Europe’s debt crisis, a weakening dollar and fighting in Libya boosted gold to a record $1,577.40 on May 2. Prices are up 7.5 percent in 2011 after climbing the past 10 years, the longest run of gains in at least nine decades in London. The metal reached all-time highs of 1,087.81 euros and 944.93 British pounds an ounce today, according to data compiled by Bloomberg. Greek Debt Some European Union officials have supported a so-called “reprofiling” of Greece’s debt, whereby its payback period could be lengthened and interest costs may be reduced. Moody’s Investors Service is “very likely” to class a reprofiling of Greek debt as a default, according to its EMEA Chief Credit Officer Alastair Wilson. “The ‘trump card’ currency of choice is gold and in all likelihood it shall become even more readily embraced, not less so, in the days and weeks ahead as Europe’s problems worsen,” said Dennis Gartman, an economist and the editor of the Suffolk, Virginia-based Gartman Letter. Silver for July delivery climbed 2.8 percent to $37.145 an ounce in New York. Holdings of the metal in exchange-traded products slipped 30.77 metric tons to 13,974.56 tons yesterday, the lowest level since October, data compiled by Bloomberg show. Palladium for June delivery rose 1 percent to $742.50 an ounce. Platinum for July delivery was 0.6 percent higher at $1,773.50 an ounce. To contact the reporter on this story: 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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