Gold, trading near a three-week high in London, may gain for a fourth day as concern about Europe’s debt crisis spurs demand for a protection of wealth.

Christian Noyer, a Governing Council member of the European Central Bank, yesterday ruled out a restructuring of Greece’s debt, calling it a “horror story” that would leave the nation shut out of financing for years. Gold climbed to records priced in euros and British pounds as policy makers disagree over how to solve Greece’s fiscal woes.

“Market participants remain nervous about peripheral debt troubles in the euro zone,” Andrey Kryuchenkov, an analyst at VTB Capital in London, said today in a report. “Gold will remain well-supported in the short-term.”

Immediate-delivery gold was unchanged at $1,526.63 an ounce by 11:31 a.m. in London, after touching $1,527.82, the highest level since May 4. Gold for June delivery was 0.2 percent higher at $1,527 an ounce on the Comex in New York.

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