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By Bloomberg

Gold held the biggest climb in a week as a weaker dollar and declining equity markets boosted the metal’s appeal as an alternative asset.

Bullion for immediate delivery traded at $1,192.92 an ounce at 12:10 p.m. in Singapore from $1,193.94 on Tuesday, when prices rose 0.8 percent for the biggest gain since May 4, according to Bloomberg generic pricing. Gold in Shanghai rose.

Global equities were little changed after a two-day drop as U.S. stocks fell and the Bloomberg Dollar Spot Index declined, boosting bullion’s allure. Investors are also weighing bets on when the Federal Reserve will increase rates. Fed Bank of San Francisco President John Williams said Tuesday the central bank could decide to begin raising them at any meeting, and that he is in “wait-and-see mode” headed into the next gathering.

“Gold’s strength was supported by weaker equities in Europe and the U.S. and a steadily stronger euro,” Australia & New Zealand Banking Group Ltd. said in an e-mailed note.

The Standard & Poor’s 500 Index fell 0.3 percent on Tuesday as the Stoxx Europe 600 Index sank 1.3 percent. The Bloomberg Dollar Spot Index gauge declined 3 percent in April -- the first month of losses since June -- and dropped to a three-month low on May 6. The dollar extended declines against the euro for a second day on Wednesday.

Gold for June delivery traded at $1,192.10 an ounce from $1,192.40 on Tuesday on the Comex. Bullion of 99.99 percent purity advanced 0.8 percent to 238.75 yuan a gram ($1,196.50 an ounce) on the Shanghai Gold Exchange.

Silver for immediate delivery added 0.2 percent to $16.5785 an ounce. Platinum lost 0.1 percent to $1,132.30 an ounce, while palladium rose 0.2 percent to $786 an ounce.