Gold climbed for a second day in London as a decline in the value of the dollar may signal more demand for precious metals. The dollar fell for a second day against the euro before the European Central Bank announces an interest-rate decision. Stocks and other commodities gained as Greece moved closer to completing its debt swap. “Gold’s trading slightly higher today on a combination of a marginally weaker dollar and improved risk sentiment, which is seeing stronger equity and commodity prices,� said Matthew Turner, an analyst at Mitsubishi Corp. International (Europe) in London, by e-mail today. “While gold often moves in the opposite direction to other assets, due to its perceived safe- haven quality, its default position is in fact to move in line. That is happening today.� Gold for immediate delivery climbed 1 percent to $1,701.22 an ounce at 10:01 a.m. in London, after gaining 0.6 percent yesterday. The futures for April delivery advanced 1.1 percent to $1,701.90 an ounce on the Comex in New York. Prices may climb to $2,100 this year, Turner said. Bullion assets in exchange-traded products expanded for a sixth day yesterday to a record 2,407.021 metric tons, now valued at about $132 billion, according to data compiled by Bloomberg. The possibility of a third quantitative easing from the U.S. central bank is the most important factor for gold’s next move, UBS AG said in an e-mailed report today. Gold’s response tomorrow to the U.S. jobs report “will act as a good barometer of the metal’s wider appeal,� Edel Tully, an analyst at UBS, said in the report. Silver climbed 1.7 percent to $33.99 an ounce, platinum gained 0.8 percent to $1,644 an ounce and palladium advanced 0.7 percent to $691.50 an ounce. To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net To contact the editor responsible for this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net

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