By Glenys Sim Oct. 23 (Bloomberg) -- Gold, little changed today in Asia, is on track for a fourth weekly gain as a weaker dollar boosted investor demand for the precious metal as a store of value. Bullion is up 0.8 percent this week as Dollar Index, which tracks the greenback against the currencies of six trading partners including the euro and yen, slid 0.8 percent. Some investors buy gold as a hedge against a declining U.S. currency. “Gold prices will continue to be influenced heavily by U.S. dollar movements,” HSBC Securities analyst James Steel, wrote in a note e-mailed today. “Should the U.S. dollar weaken, gold is likely to remain well-bid.” Gold for immediate delivery traded at $1,060.32 at 10:56 a.m. Singapore time, after rising as much as 0.3 percent to $1,063.30 an ounce earlier. The metal reached a record $1,070.80 an ounce on Oct. 14. December-delivery gold was little changed at $1,060.90 an ounce on the Comex division of the New York Mercantile Exchange. Thirteen of 25 traders, investors and analysts surveyed by Bloomberg, or 52 percent, said bullion would rise next week, as investors seek an alternative investment to a weakening dollar. Eight forecast lower prices and four were neutral. The dollar tumbled to a 14-month low against the euro and is set for a third weekly drop ahead of reports that are forecast to show German business confidence increased and sales of existing U.S. homes rose. It was at $1.5029 per euro at 8:43 a.m. in Singapore, after reaching $1.5060 earlier, the weakest since August 2008. Among other precious metals for immediate delivery, silver, platinum and palladium were all little changed at $17.68 an ounce, $1,367.50 an ounce and $336.75 an ounce respectively.

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