SINGAPORE (Commodity O nline) : Gold eased in Asian trade Monday as positive trends ignited by Fed moves were offset by speculation of profit selling.
Gold for immediate delivery was seen trading at $1235.34 an ounce at 12.00 noon Singapore time while US gold futures for December delivery was at $1,237.40 an ounce.
Analysts said the market also await the outcome of fresh U.S. economic data that could give more clues on bullion.
The precious yellow metal has climbed 4.6 per cent in the past month as investors sought protection amid growing evidence that the global economy is sputtering.
On the other hand, Silver for immediate delivery gained 0.3 per cent to $19.1462 an ounce, platinum rose 0.2 per cent to $1,536.75 an ounce and palladium added 0.5 per cent to $507 an ounce at the same time.
Meanwhile, gold holdings in the SPDR Gold Trust, the biggest exchange-traded fund backed by bullion, increased 0.61 metric ton to 1,298.56 tons as of Aug. 27.
On Friday, gold surged after comments from Ben Bernanke that raised the prospect of further quantitative easing and the possibility of inflationary pressures
Spot gold closed at $1235.70 an ounce while U.S. gold futures for December delivery closed at $1,237.90 an ounce
Bullion strengthened 13 per cent this year, reaching a record $1,265.30 an ounce in June, as investors increased holdings to protect their wealth.
U.S. gold futures for December delivery recoiled to $1,237.40 an ounce against $1,237.90 on Friday.