Gold gained to a three-week high in London as concern about Europe’s debt crisis spurred demand for a protection of wealth and as commodities advanced. Group of 20 finance ministers and central banks concluded weekend talks in Paris endorsing parts of the emerging plan to avoid a Greek default, bolster banks and curb contagion. They set an Oct. 23 summit of European leaders in Brussels as the deadline for it to be delivered. Commodities and global equities climbed to the highest in at least three weeks. “Too much uncertainty remains in the market with questions over issues such as guarantees of European sovereign debt, a Greek default and debt sustainability,” Edel Tully, a London- based analyst at UBS AG, wrote today in a report. “While there is no rush to buy gold here, it is equally clear that investors who are long the yellow metal are not willing to let go of holdings either.” Immediate-delivery gold gained as much as $14.60, or 0.9 percent, to $1,695.32 an ounce, the highest since Sept. 23, and was at $1,688.40 by 11:10 a.m. in London. Prices gained 2.6 percent last week, the most in more than a month. Gold for December delivery was 0.4 percent higher at $1,690.10 on the Comex in New York. Bullion rose to $1,689 an ounce in the morning “fixing” in London, used by some mining companies to sell output, from $1,678 at the afternoon fixing on Oct. 14. Gold is in the 11th year of a bull market, the longest winning streak since at least 1920 in London. Prices reached a record $1,921.15 on Sept. 6 as investors sought to diversify away from equities and some currencies. The metal is up 19 percent this year. Greek Trigger Two years to the week since Greece triggered the turmoil by revising its budget math, the inability of policy makers to stamp it out has pushed the Greek government to the edge of default and the European economy close to recession. Still, the Standard & Poor’s GSCI Index of 24 commodities climbed as much as 1.1 percent today. “We’re seeing asset re-allocation into more risky investments, and some of the money flowing into commodities may go to gold,” Alexandra Knight, an economist at National Australia Bank Ltd. (NAB), said by phone from Melbourne. Silver for immediate delivery rose 0.6 percent to $32.395 an ounce. Palladium was up 1.8 percent at $636 an ounce. Platinum increased 1.4 percent to $1,577 an ounce. To contact the reporters for this story: Nicholas Larkin in London at nlarkin1@bloomberg.net Glenys Sim in Singapore at gsim4@bloomberg.net To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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