By Kim Kyoungwha Oct. 30 (Bloomberg) -- Gold, little changed in Asia, is poised for a second monthly gain as a slumping dollar increases the metal’s appeal as an alternative investment. The dollar is set for a fourth monthly drop against the euro, its longest since 2004, as the U.S.’s return to growth renewed optimism a global recovery will quicken, buoying higher- yielding assets. Asian stocks rose after the U.S. economy expanded 3.5 percent in the third quarter and Japan reported an unexpected drop in September’s jobless rate. “The U.S. growth data was encouraging which, in turn, lends strength for gold to climb further,” said Kim Jae Jun, Seoul-based trader with Eugene Investment & Futures Co. “Still it’s broadly in consolidation mode and needs more time before rallying again.” Gold for immediate delivery traded at $1,048.50 an ounce at 1:48 p.m. in Singapore, compared with $1,047 yesterday and $1,007.70 at the end of September. The precious metal, which touched an all-time high of $1,070.80 on Oct. 14, increased 3.8 percent this month, taking this year’s gain to 19 percent. Thirteen of 23 traders, investors and analysts surveyed by Bloomberg, or 57 percent, said bullion would fall next week. Seven forecast higher prices and three were neutral. Holdings in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, fell 1.22 metric tons to 1,104.43 tons as of Oct. 28, the company’s Web site showed. That’s the third consecutive daily decline. Among other precious metals, silver increased 0.2 percent to $16.72 an ounce, platinum fell 0.3 percent to $1,332 an ounce and palladium was up 0.8 percent to $331 an ounce.

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