It was reported that gold, little changed in London today, may climb as concern about the soundness of Greece’s public finances boosts the metal’s appeal as a haven. Palladium and platinum rose to the highest prices in at least 17 months.

European finance ministers meet today to discuss Greece’s budget deficit. The country’s worsening finances last month prompted credit-rating companies to cut its creditworthiness. The US Dollar Index, a six-currency gauge of the greenback’s strength, fell as much as 0.3 per cent today. Gold typically moves inversely to the dollar.

“The market is very concerned about the situation in Greece,” said Bernard Sin, head of currency and metals trading at bullion refiner MKS Finance SA in Geneva. “Gold is having speculative interest, rather than real physical demand.”

Gold for immediate delivery added $US2.65, or 0.2 per cent, to $US1,133.57 an ounce at 4:38 p.m. local time, paring a climb of as much as 0.6 per cent. Bullion for February delivery gained 0.3 per cent to $US1,133.50 in electronic trading on the New York Mercantile Exchange’s Comex division. Floor trading is closed today for the Martin Luther King Jr. holiday.

The metal declined to $US1,134.50 an ounce in the afternoon “fixing” in London, used by some mining companies to sell production, from $US1,135.75 at the morning fixing.