SINGAPORE (Commodity Online) : Gold prices moved up in Asian trade Monday as investors remained confident on yellow metals status as a safe haven asset in troubles.
Gold for immediate delivery was seen trading at $ 1184.51 an ounce at 11.30 a.m Singapore time while gold futures for June delivery was at $US1185.10 an ounce at the same time.
Analysts said, Long-term investors maintained their affinity for the precious metal despite the recent rise in volatility in other markets, including stocks,
Last week spot gold fell 4.6 per cent in its biggest weekly percentage loss in almost 15 months. But a loss of more than $50 during the period was seen as a short-term correction after gold hit a record high of $1248.95 an ounce on May 14.
Net long noncommercial US gold futures positions fell to 231,670 contracts in the week ended May 18, down 1.8 per cent from a week earlier, the Commodity Futures Trading Commission said in a weekly report.
Meanwhile, Underlining investor confidence over gold, holdings by the world's largest gold-backed exchange-traded fund stayed unchanged for the third session in a row.
The SPDR Gold Trust said its holdings totalled 1220.152 tones as of May 21, unchanged from the record high marked on May 19.
In the currency market, the euro slipped on Monday as investors sold into its latest bounce and worries about the health of the European banking sector weighed on the single currency.