Gold hit a near four-week high yesterday as fears the prospect of a global flu pandemic could hinder any economic recovery boosted interest in the metal as a haven. The news added to the boost gold received late last week from expectations China will continue to boost its reserves of the metal, after the country said its gold reserves had risen 76 per cent since 2003. Gold gained for a fourth day in Asia, poised for its longest winning streak since December, on speculation that China may purchase more of the precious metal. Bullion for immediate delivery climbed as much as 0.6 per cent to $918.55 an ounce, the highest since April 2, and was at $915.03 in Singapore. A retreat in Asian equities also prompted some investors to shift funds into gold as a store of value. The regional benchmark MSCI Asia Pacific Index fell for a second day on concern that the outbreak of swine flu may slow recovery in the global economy. Silver topped $13 an ounce for the first time since April 3, rising as much as 3 per cent to $13.26, before trading at $13.0750. Among other precious metals for immediate delivery, platinum fell one per cent to $1,167.50 an ounce and palladium dropped one per cent to $232.50 an ounce in Singapore.

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