SINGAPORE (Commodity Online) : Gold prices edged up in Asian trade Thursday, spurred by record breaking gains by world's largest bullion-backed exchange-traded fund, SPDR Gold Trust.
Gold for immediate delivery was seen trading at $1213.21 an ounce at 11.30 a.m Singapore time, up by $3.35 from New York’s notional close on Wednesday.
Bullion for August, the most widely held contract, was little changed at $1214.80 an ounce on the Comex in New York.
The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust , said its holdings totaled 1,267.626 tones as of May 26 versus 1,267.322 tones a day earlier, setting a fresh record high.
Bullion has gained 11 per cent this year and is heading for a 10th annual increase, the longest stretch of gains since at least 1920.
A jump in India's gold demand in the first quarter suggested the world's largest consumer started to get used to the high prices.
Jewellery demand rose to 147.5 tones from 37.7 tones in the first quarter of 2009, when a rise in prices curbed buying.
Gold hit a record high of $1,248.95 in mid-May as investors ditched the euro on fears that euro zone austerity measures could hurt, rather than help, a recovery.
Platinum for July delivery in New York gained 0.2 per cent to $1534 an ounce. Palladium for September delivery dropped 1.4 per cent to $442.10 an ounce. Silver for July delivery lost 0.7 per cent to $18.175 an ounce.
On Wednesday, Gold for June delivery settled with a gain of $15.40, or 1.3 per cent, to $1213.40 an ounce on the Comex division of the New York Mercantile Exchange.
August, which now has the most open positions, climbed $15.50, or 1.3 per cent, to $1215.30. Neither had finished above $1200 since May 18.
July silver rose 52.5 cents to settle at $18.306 an ounce, and July copper settled up 3.85 cents at $3.0805 a pound.
