Gold climbed for the first time in five days, ending the worst losing streak since July, on increased investment demand and signs that global sales remain robust, led by India. Silver, palladium and platinum also gained. Immediate-delivery gold gained as much as 1.1 percent to $1,351.20 an ounce and traded at $1,349.60 at 1:48 p.m. in Tokyo. Bullion, which reached a record $1,424.60 on Nov. 9, last declined for four straight days in the period to July 19. “I believe there would be good buying interest around $1,300 an ounce,” said Hiroyuki Kikukawa, general manager of research at IDO Securities Co. in Tokyo. “The weaker dollar has helped bullion rebound.” The dollar dropped from a seven-week high against the euro before a report today that is forecast to show U.S. jobless claims gained. The precious metal usually trades inversely to the U.S. currency. The Dollar Index dropped for a second day. Global gold demand rose 12 percent in the third quarter, led by a 36 percent jump in jewelry buying from India, the world’s largest buyer, the World Gold Council said yesterday. Demand climbed to 921.8 metric tons from 823 tons a year earlier, the London-based industry group said in a report. Central banks were net buyers for a sixth straight quarter, while investment demand in exchange-traded funds fell, it said. The dollar was at $1.3586 per euro at 1:50 p.m. in Tokyo from $1.3529 in New York. The greenback reached $1.3448 per euro on Nov. 16, the highest since Sept. 28. Jobless Report A U.S. Labor Department report today will show the number of Americans filing initial jobless claims increased 6,000 last week, according to the median forecast of economists in a Bloomberg News survey. The single European currency was also bolstered as European Union and International Monetary Fund experts will start to scan the books of Ireland’s debt-laden banks today in Dublin in a prelude to a possible aid package. “A potential bailout of Ireland is temporarily good news for risk sentiment,” said Tsutomu Soma, a bond and currency dealer at Okasan Securities Co. Ltd. in Tokyo. “This may lead to buying of the euro and selling” of the dollar, Soma said. Gold for December delivery gained 0.9 percent to $1,348.50 an ounce on the Comex in New York. Futures touched an all-time high of $1,424.30 on Nov. 9. Silver probably will top $30 an ounce in 2011 on demand by investors seeking a store of value, London-based research firm GFMS Ltd. said in a report today. “The main driver of the price remains investment demand,” it said. The metal will average $19.94 an ounce this year and about $28 next year, GFMS said. The spot price averaged $14.70 in 2009. Silver for immediate delivery rose 1.8 percent to $26.0962 an ounce. The price reached $29.36 an ounce on Nov. 9, the highest level since March 1980. Palladium rose 2 percent to $675.50 an ounce after gaining 3 percent yesterday. Platinum gained 0.9 percent to $1,651.25 an ounce. Both metals are used mostly to make jewelry and pollution-control devices for cars. To contact the reporter on this story: Jae Hur in Tokyo at jhur1@bloomberg.net To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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