Gold climbed, extending a 12th quarterly gain, as concern that European leaders may not stem the region’s debt crisis hurt equities and commodities, reviving demand for the precious metal as a haven. Silver also advanced. Immediate-delivery gold gained as much as 0.8 percent to $1,621.15 an ounce, overturning a 1.6 percent drop to trade at $1,618.85 at 11:52 a.m. in Singapore. December-delivery bullion rose 0.2 percent to $1,621.60 an ounce in New York. “The turmoil in Europe only seems to be getting worse,” Jonathan Barratt, managing director at Commodity Broking Services Pty., wrote in a report. “Growth in demand is coming from India and China.” Lawmakers in Germany, Europe’s largest economy, are set to vote today on boosting the region’s rescue fund amid resistance by the European Commission to impose bigger writedowns on bank holdings of Greek government debt than those previously agreed. Asian stocks extended a global rout and commodities are headed for the biggest quarterly slump since 2008 as European and International Monetary Fund officials return to Greece today to try put in place a package to stave off default. Gold is up 14 percent this year on concern that there may be another global recession as the debt crisis worsens. The precious metal, which reached an all-time high of $1,921.15 on Sept. 6, has risen 7.9 percent since the end of June. Indian Demand Premiums for gold bars in India, the largest consumer, were quoted above $2 an ounce, the highest level in more than a year, according to Phillip Futures analyst Ong Yi Ling. Premiums are paid over the London cash price and are an indication of demand. The slump in prices from the record will fuel demand during the festival season in India, according to Titan Industries Ltd., the nation’s biggest jewelry retailer. The peak-demand period began last month with Eid, continues in October with Diwali, and is followed by the traditional wedding season. Premiums in Hong Kong have almost doubled to $2 to $3 per ounce on strong demand for bars in China, according to Dick Poon, precious-metals trading manager at Haraeus Ltd. China is the world’s second-biggest gold consumer. Cash silver gained as much as 2.9 percent to $30.73 an ounce, while December-delivery futures rose as much as 2.2 percent to $30.79 an ounce. Spot platinum climbed 0.7 percent to $1,536.47 an ounce, after dropping 1.4 percent earlier, while palladium increased 0.8 percent to $625 an ounce. To contact the reporter for this story: Glenys Sim in Singapore at gsim4@bloomberg.net To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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