Gold gained for a second day to trade above $1,800 an ounce as concern the global economy is faltering stoked demand for haven investments including bullion. Immediate-delivery gold rose as much as 0.6 percent to $1,814.82 an ounce, and last traded at $1,812.90 at 12:57 p.m. Singapore time. The metal, which reached a record $1,921.15 an ounce on Sept. 6, earlier fell 0.3 percent. December-delivery bullion in New York rose 0.4 percent to $1,815.40 an ounce. “At least until the end of the year, the problems in Europe and the U.S. aren’t going to go away and that will keep gold supported,” Yang Shandan, senior trader at Cinda Futures Co., said from Zhejiang, China. “We don’t rule out a test on the highs once the next wave of bad news hits.” The International Monetary Fund cut its global growth estimate yesterday as “downside risks” from Europe and the U.S. grew. Federal Reserve officials might propose new measures to galvanize the economy when the Federal Open Market Committee completes a two-day meeting today. In Europe, Greek Finance Minister Evangelos Venizelos made “good progress” in a second round of talks with the European Union and International Monetary Fund aimed at staving off default, the EU said in a statement late yesterday. “Gold is in a holding pattern at the moment, with strong buying support above $1,750,” said Yang, ranked second in a Futures Daily and Securities Times poll of China gold analysts. “We view a $100 to $200 decline from the highs as normal and healthy. The liquidation makes room for a move higher without the market getting too overbought.” Cash silver climbed 0.8 percent to $40.10 an ounce. Spot platinum gained 0.6 percent to $1,787.63 an ounce and palladium advanced 0.6 percent to $720.75 an ounce. To contact the reporter on this story: Glenys Sim in Singapore at gsim4@bloomberg.net To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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