By Luzi Ann Javier Feb. 17 (Bloomberg) -- Gold, little changed, may extend its gain to the highest almost a month as the dollar weakens, boosting demand for the precious metal. Gold for immediate delivery was at $1,118.43 an ounce at 2:50 p.m. in Singapore after trading between $1,115.95 and $1,120.90. Bullion yesterday rose 1.7 percent to $1,119.45 an ounce, the highest closing price since Jan. 19. The Dollar Index, which tracks the value of the dollar against six major currencies including the euro, stayed at less than 80 for a second day as equities rose on signs the global economy is recovering. “We’re going to see more upside,” Peter McGuire, managing director at CWA Global Markets Pty, said by phone from Sydney. The price may rise to as much as $1,125 an ounce as the weaker dollar attracts more investors, he said. Soros Fund Management LLC, the hedge-fund firm founded by billionaire George Soros, more than doubled its stake in the SPDR Gold Trust in the fourth quarter, data from the U.S. Securities and Exchange Commission showed. The stake was increased to 6.178 million shares as of Dec. 31 from 2.45 million shares three months earlier, according to the SEC filing. The holding, valued at $663 million, is the fund’s biggest investment, the filing said. Total holdings in the trust, the biggest exchange-traded fund backed by the metal, increased 3.1 metric tons to 1,109.42 tons yesterday, the first gain since Feb. 5, according to figures on the company’s Web site. Global gold demand rose 2.6 percent to 819.7 tons in the fourth quarter from the previous three months as investment and jewelry consumption climbed, the London-based World Gold Council said in a report today. Silver for immediate delivery climbed as much as 1 percent to $16.295 an ounce, palladium rose as much as 0.5 percent to $435.25 an ounce, and platinum gained 0.8 percent to $1,551 an ounce. To contact the reporter on this story: Luzi Ann Javier in Singapore at ljavier@bloomberg.net

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