Gold advanced for a second day on investor concern that European leaders won’t fix the region’s sovereign debt crisis as they seek to complete a rescue plan at a gathering this week. Immediate-delivery gold gained as much as 0.3 percent to $1,647.55 an ounce and traded at $1,646.97 at 3:33 p.m. in Melbourne. Earlier, bullion fell 0.4 percent to $1,635.75. Gold for December delivery gained as much as 0.7 percent to $1,647.50. At the weekend, officials meeting in Brussels agreed bank- capital needs will be met first by banks, then governments. Only when national efforts fail can governments tap a rescue fund. A complete blueprint will be formed when leaders gather on Oct. 26. “The market is starting to say that talk’s no longer worth anything, we need to start seeing some real, underlying action,” said David Lennox, a resource analyst at Fat Prophets in Sydney. “While that’s not happening in actual, physical action, I think gold will continue to trade up.” Holdings in exchange-traded products backed by the metal advanced 0.1 percent to 2,222.4 metric tons on Oct. 21, data compiled by Bloomberg show. Spot silver rose 0.6 percent to $31.5725 an ounce. Cash platinum gained 1.1 percent to $1,530.25 an ounce. Palladium jumped 2 percent to $627.50 an ounce. To contact the reporter on this story: Phoebe Sedgman in Melbourne at psedgman2@bloomberg.net To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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