SINGAPORE (Commodity Online) : Gold prices rebounded in Asian trade Thursday as the dollar eased amid concerns over Greek debt crisis remained.
Gold for immediate delivery was seen trading at $1175.84 an ounce at 11.30 a.m Singapore time while U.S. gold futures for June delivery was at $1176.9 an ounce at the same time.
Analysts said major currencies advanced against the dollar while holdings on the world's biggest bullion-backed ETF hit another record on fears that the euro-zone debt crisis could spread.
The world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings stood at a record of 1,166.002 tones as of May 5, up from 1,159.002 tones in the previous business day.
The euro was pinned near one-year lows against the U.S. dollar on Thursday, trying to find its footing after falling through key support levels as concerns about the sovereign debt crisis in the euro zone mounted.
On Wednesday, Gold for June delivery rose $5.80 to settle at $1,175.00 an ounce on the Comex division of the New York Mercantile Exchange.
Silver for July delivery fell 30.8 cents to settle at $17.534 per fine ounce. Copper for July delivery settled down 2.7 cents at $3.1515 per pound.