SINGAPORE (Commodity Online) : Gold prices edged up in Asian trade Wednesday mainly on a recovering euro but remained volatile as investors looks for profit taking.
Gold for immediate delivery was seen trading at $1107.13 an ounce at 12.00 noon Singapore time while U.S. gold futures for June delivery was at $1108.12 an ounce at the same time.
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The euro inched up to $1.3422 but looked increasingly vulnerable as a bout of short-covering looked to run its course and fiscal worries resurfaced
Analysts said the precious metal ticked higher on short covering on Wednesday after the euro steadied against the dollar, but remains vulnerable to selling pressure after previous failed attempts to test new highs.
On Tuesday, gold fell, halting a three-session rally, on speculation that a rebounding dollar will curb demand for the metal as an alternative investment.
Gold futures for June delivery fell $5.80, or 0.5 percent, to $1,105.70 an ounce on the Comex in New York. April gold futures fell $5.80 to settle at $1,104.50 per fine ounce.
May silver fell 5.7 cents to settle at $17.330.May copper settled 2.8 cents higher at $3.5635 per pound .
Meanwhile, holdings in the SPDR Gold Trust, the largest exchange- traded fund backed by bullion, rose 5.2 metric tons to 1,129.8 tons yesterday, the highest level since Dec. 31
