LONDON, March 12 (Reuters) - Gold jumped more than 2 percent on Thursday, boosted after the Swiss National Bank sold francs against the euro and raised the spectre of a race to devalue major currencies.

Analysts said the SNB intervention means one of the world's safest currencies is being deliberately undermined to help boost growth and that other countries could follow. [ID:nLC942828]

"If all currencies are being devalued against each other then gold is a currency which is going to profit from it," Commerzbank analyst Eugen Weinberg said.

"So we have bad currencies, worse currencies and the worst currencies, and gold could be an alternative stable currency in this case."

Spot gold rallied to a high of $930.45 and was quoted at $923.45/924.95 an ounce at 1444 GMT from $906.65 late in New York on Wednesday.

U.S. gold futures for April delivery on the COMEX division of the New York Mercantile Exchange rose $14.20 to $924.90 an ounce.

The Swiss franc had its biggest ever one-day drop against the euro after the SNB said it had sold francs as part of a drive to boost the economy, which also includes an interest rate cut and planned bond buy. [FRX/]

"The SNB have now fired the first formal shot in the forthcoming currency war," ING Bank said in a note.