SINGAPORE (Commodity Online) : Gold prices pared some of its overnight losses in Asian trade Thursday but remained under pressure on firmer currencies and stocks.
Gold for immediate delivery was seen trading at $1232.74 an ounce at 12.00 noon Singapore time while U.S. gold futures for August delivery was at $1235.17 an ounce.
The precious yellow metal nosedived Wednesday, pressured by comments from US Fed chairman Ben Bernanke. He said the bullion was sending a different signal in response to inflation.
Analysts said positive reports of China's exports might raised hopes for a global economic recovery and could also weaken gold's safe-haven appeal.
The euro was steady on Thursday, albeit looking fragile near four-year lows against the dollar, while the Australian dollar extended gains on upbeat Australian employment data and China's confirmation of strong export figures.
Gold struck a record at $1,251.20 on Tuesday after investors ditched the euro because of the debt crisis in Europe and uncertainties over the future of U.S. interest rates.
On Wednesday, gold for August delivery fell $15.70 to settle at $1,229.90 per fine ounce, while July silver settled 28.8 cents lower at $18.189 an ounce. Copper for July delivery settled at $2.85 a pound, down 7.05 cents.