SINGAPORE (Commodity Online) : Gold remained highly volatile in Asian trade Wednesday as prices mixed from overnight gains.
Spot gold was seen trading at $ 1211.68 an ounce at 11.30 a.m Singapore time while U.S. gold futures for August delivery was at $ 1212.02 am ounce on the Comex.
Silver for immediate delivery was little changed at $18.2475 an ounce, while platinum and palladium were also little changed at $1528.25 an ounce and $463.75 an ounce respectively.
Analyst said investors may be reluctant in the near term to aggressively buy gold at current levels, but worries over the global economy and concerns over euro zone debt problems spreading are underpinning prices.
Spot gold hit a record high of $1,264.90 on June 21. It rose to a high of $1,217.60 an ounce on Tuesday after debt rating agency Moody's cut Portugal's rating.
Gold prices hit record highs in late June as concern over European sovereign debt levels and instability in the broader financial markets helped sustain a boom in safe-haven investment.
Meanwhile, holdings by the world's largest gold-backed exchange-traded fund, SPDR Gold Trust stood unchanged at 1,314.819 tones as of Tuesday, after rising for the first time since late June on Monday.
World's largest silver-backed exchange-traded fund, the iShares Silver Trust, said its holdings climbed to 9,185.29 tones as of July 13, up 33.51 tones or 0.4 percent from Monday.
The euro firmed near 2-month highs at $1.2720, having jumped nearly 1 percent the day before. Easing concerns about funding pressure in the euro zone and bullish charts technicals were likely to support the single currency.
On Tuesday, Gold for August delivery added $14.80, or 1.2%, to $1,213.50 an ounce. Other metals followed gold higher, with silver finishing 34 cents ahead, or 1.9%, to $18.26 an ounce. Copper eked out gains, advancing 0.3%, or a penny, to $3.02 a pound.