June 11 (Bloomberg) -- Gold climbed as crude oil advanced for a third day and the dollar declined, increasing the appeal of the precious metal as an alternative investment. Silver also gained. The dollar, which typically moves inversely to bullion, fell as much as 0.6 percent to $1.4061 against the euro, while the Dollar Index, a gauge of the currency’s value, slid as much as 0.6 percent. Bullion has gained 7.7 percent since the end of April, while the dollar has lost 6.1 percent against the euro. “The dollar changed its direction to a minus-side in late morning trade and oil extended its gains, pushing gold higher,” said Hiroyuki Kikukawa, general manager of research at IDO Securities Co. in Tokyo. “There is some buying interest around the $950-an-ounce level.” Gold for immediate delivery gained as much as $3.26, or 0.3 percent, to $957.75 an ounce and was at $956.85 at 1:57 p.m. in Singapore. Holdings in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, were unchanged for a third day at 1,132.15 metric tons yesterday, according to data on the company’s Web site. The dollar last traded at $1.4032 per euro from $1.3984 yesterday in New York. Oil advanced for a third day to a seven-month high. Crude oil for July delivery gained as much as 1.2 percent to $72.18 a barrel, the highest intraday level since Oct. 21, and last traded at $71.92. Gold for August delivery, the most-active contract on the Comex division of the New York Mercantile Exchange, added 0.3 percent to $957.80 an ounce. Silver for immediate delivery rose as much as 0.8 percent to $15.30 an ounce and last traded at $15.2375 an ounce. The metal dipped 0.4 percent yesterday. Among other precious metals for immediate delivery, platinum was little changed at $1,266.50 an ounce, after gaining 1.1 percent yesterday. Palladium advanced for a third day, adding 0.7 percent to $257.50 an ounce.

Source