Gold prices continued to trade higher in Asian trade Wednesday mainly on weak equity markets while ETF holdings rose to another record.

Gold for immediate delivery was seen trading at $1240.24 an ounce at 11.30 a.m Singapore time while U.S. gold futures for August delivery was at $1240.18 an ounce.

The world's largest gold-backed exchange-traded fund, SPDR Gold Trust said its holdings rose to a record at 1,313.135 tones as of June 22, the first increase since June 17, when holdings stood at 1,307.963 tones.

Spot gold climbed as much as $1241.25 an ounce in early trade but unable to move anyway near to Monday's record high of $1264 an ounce.

Gold has gained as much as 15 percent in 2010, mainly due to fears the sovereign debt crisis in Europe would spread

On Tuesday, U.S. gold futures ended a tad higher after sharp losses in the previous session, and technical buying could provide underlying support in the near term.

August gold futures settles up 10 cents at $1,240.80 an ounce while spot gold ended at $1,237.85 an ounce, against $1,231.65 late in the previous session.