SINGAPORE (Commodity Online) : Gold prices continued its northern journey in Asian trade Monday as the dollar weakened against a basket of currencies.
Gold for immediate delivery was seen trading at $1229.18 an ounce at 12 noon Singapore time while US gold futures for August delivery was at $1230.57 an ounce.
The greenback weakened about 0.6 percent against a basket of currencies Monday as the euro's short-covering rally took it briefly above $1.22 against the dollar, its strongest in a week.
Gold struck a record at $1,251.20 last week on fears the euro zone's sovereign debt crisis may spread.
Holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust were unchanged at a record high of 1,306.137 metric tons.
Continue Reading Below
Other precious metals were mostly steady on Monday, waiting for cues from bullion.
On Friday, trading was volatile with prices falling to a low around $1,214 an ounce just two days after it hit an all-time high.
US gold futures for delivery in August gained $8, or 0.7 per cent, to $1,230.20 on the Comex in New York. The metal gained 1 per cent this week.