SINGAPORE (Commodity Online) : Gold prices remained highly volatile in Asian trade Monday as bailout package for debt-laden Greece eased safe haven concerns.
Gold for immediate delivery was seen trading at $ 1177.64 an ounce at 12.00 noon Singapore time while June gold futures was at $ 1178.25 an ounce at the same time.
The precious yellow metal rose to a fresh year high last week as the latest move by China to tighten money supply triggered demand worries and a bailout package for debt-laden Greece eased safe haven concerns.
Gold gained almost 6 percent in April, its biggest one-month rise since November, as credit ratings downgrades of Greece, Spain and Portugal unleashed a wave of risk aversion, channelling money into gold.
The metal gained as much as 1.3 per cent to $1181.73 on April 30, the highest level since Dec. 4, when it last traded at more than $1200. Gold reached a record $1226.56 on Dec. 3.
Gold priced in euros has dropped 1 percent from a record 894.25 euros on April 28, as the 16-nation currency rebounded after sovereign-debt risk in Europe eased, reducing demand for bullion as a hedge against declining currencies.
Meanwhile, holdings in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, were unchanged on April 30 after climbing to a record 1159 metric tons the previous day.
Platinum for immediate delivery dropped 0.4 per cent to $1730 an ounce, and palladium declined 0.9 per cent to $544 an ounce.
Silver fell 0.5 per cent to $18.5525 an ounce after jumping as much as 1.6 per cent to $18.7645 on April 30, the highest price since Jan. 20.
On Friday, U.S. gold futures rose near a five month high, ending 1 percent higher as investors bought the metal as a hedge against sovereign credit risk and economic uncertainties. COMEX June settled up $11.90, or 1 percent, at $1,180.70.