How to control the line spacing in UILabel

Is it possible to reduce the gap between text, when put in multiple lines in a UILabel? We can set the frame, font size and number of lines. I want to reduce the gap between the two lines in that label.

In Xcode 6 you can do this in the storyboard:

I thought about adding something new to this answer, so I don't feel as bad... Here is a Swift answer:

import Cocoa

let paragraphStyle = NSMutableParagraphStyle()
paragraphStyle.lineSpacing = 40

let attrString = NSMutableAttributedString(string: "Swift Answer")
attrString.addAttribute(.paragraphStyle, value:paragraphStyle, range:NSMakeRange(0, attrString.length))

var tableViewCell = NSTableCellView()
tableViewCell.textField.attributedStringValue = attrString

"Short answer: you can't. To change the spacing between lines of text, you will have to subclass UILabel and roll your own drawTextInRect, or create multiple labels."

See: Set UILabel line spacing

This is a really old answer, and other have already addded the new and better way to handle this.. Please see the up to date answers provided below.

Starting from iOS 6 you can set an attributed string to the UILabel. Check the following :

NSMutableAttributedString *attributedString = [[NSMutableAttributedString alloc] initWithString:label.text];
NSMutableParagraphStyle *paragraphStyle = [[NSMutableParagraphStyle alloc] init];
paragraphStyle.lineSpacing = spacing;
[attributedString addAttribute:NSParagraphStyleAttributeName value:paragraphStyle range:NSMakeRange(0, label.text.length)];

label.attributedText = attributedString;