Gold topped $950 an ounce, reaching the highest since July, on concern that the recession and banking crisis may deepen, boosting the appeal of the precious metal as a store of value. Silver fell. Investment in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, reached a record 935.1 metric tons yesterday after a $789 billion stimulus plan moved toward passage in Congress and U.S. Treasury Secretary Timothy Geithner told lawmakers he needs more time to develop a $2 trillion plan to rescue banks. Gold is up 7.1 percent this year. “We see substantial buying with people putting it in their backyards,” said Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago. “The fear purchasers are going to scoop up gold and keep it rising.” Gold futures for April delivery rose $5.40, or 0.6 percent, to $949.90 an ounce at 10:20 a.m. on the Comex division of the New York Mercantile Exchange. Earlier, the price reached $950.50, the highest for a most-active contract since July 22. Silver futures for March delivery fell 6.5 cents, or 0.5 percent, to $13.455 an ounce.

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