By Kim Kyoungwha Feb. 10 (Bloomberg) -- Gold may climb for a second day as concerns that Greece’s deficit may lead to debt defaults eased, weakening the dollar and boosting the metal’s appeal as an alternative asset. Gold for immediate delivery was little changed at $1,077.60 an ounce at 8:25 a.m. in Singapore. The metal fell to $1,044.85 an ounce on Feb. 5, its lowest since Nov. 2. The dollar declined yesterday amid speculation European officials will agree to assist Greece in tackling its fiscal deficit. “Easing European debt woes are knocking some wind out of the dollar and this may lend some support to gold,” said Park Jong Boem, a senior trader with Tongyang Futures Co. in Seoul. “There seems to be steady buying interest below $1,100 even if gold may still find it hard to break through the level fast.” The dollar fell as much as 0.9 percent against a basket of six major currencies yesterday. EU leaders are scheduled to meet on Feb. 11 to discuss the economic outlook, a summit that may be overshadowed by Greece’s budget difficulties. China Investment Corp., the Asian nation’s sovereign-wealth fund, spent $155.6 million to buy 1.45 million shares, or 0.4 percent, of SPDR Gold Trust, the biggest exchange-traded fund backed by the metal, according to a Feb. 5 regulatory filing. China’s $300 billion investment fund pumped about $10 billion into commodity-related concerns in the second half of 2009. “This trend is an indication that demand at the current price level should remain robust,” Eugen Weinberg, head of commodity research with Commerzbank AG, wrote in a note yesterday. Gold holdings in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, were unchanged at 1,106.38 metric tons yesterday, according to the company’s Web site. Silver rose 0.4 percent to $15.505 an ounce, platinum and palladium were little changed at $1,503.25 an ounce and $419.25 an ounce respectively. To contact the reporter on this story: Kyoungwha Kim in Singapore at Kkim19@bloomberg.net

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