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Gold may climb for a fifth day in London, the longest run of gains since January, on speculation lower borrowing costs and Europe's debt crisis will spur demand for a protection of wealth, Bloomberg reported.

The euro fell versus the dollar after a government report showed Spain's economy shrank last quarter amid the European debt crisis. The Reserve Bank of Australia will reduce interest rates tomorrow, economists expect. Gold is down for a third month even after International Monetary Fund data showed Mexico, Russia and Turkey added about 44.8 metric tons to reserves in March.

Bullion for immediate delivery was little changed at US$1,662.23 an ounce by 11.15 am in London. Prices are down 0.4% this month. June-delivery futures were 0.1% lower at US$1,662.50 on the Comex in New York.

Gold at the morning "fixing," used by some mining companies to sell output, was little changed at US$1,662.50 an ounce in London from US$1,663.50 in the afternoon on April 27.

Holdings in bullion-backed exchange-traded products rose 0.8 ton to 2,390.4 tons on April 27, the first increase in a week, data compiled by Bloomberg show. Assets are about 0.8% below the March 13 record. Prices are up 6.3% in 2012 after advancing for 11 consecutive years. A third month of weaker prices would be the longest period of declines since May 2000.

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