SINGAPORE (Commodity Online) : Gold prices declined in Asian trade Wednesday on profit taking but bullion priced in euro struck another record on a possible debt default by Greece on other euro zone economies. Spot gold was seen trading at $1522.43 an ounce at 1.00 p.m Singapore time while gold futures for June delivery eased to at $1,522.17 an ounce. Analysts attributed gold’s dip to profit taking by some investors as prices near the highest level in three weeks prompted them to lock in gains. However, gold priced in euro’s rose to a record. Euro-denominated gold struck a lifetime high above 1,085.77 euros an ounce on Wednesday on nagging worries about the spreading debt crisis in Europe. Cash silver shed 0.8 percent to $36.395 following yesterday’s 4.6 percent rebound. European Central Bank leaders and European Union policy makers are clashing over how to prevent the currency region’s first default, after 256 billion euros ($360 billion) in bailouts to Greece, Ireland and Portugal failed to stop contagion from the debt crisis. The dollar rose 0.3 percent today against six major currencies after falling as much as 0.4 percent yesterday. Gold typically moves counter to the dollar. A firmer dollar , which edged up against a basket of currencies, weighed on dollar-denominated gold, but concerns about the euro zone's spreading debt crisis and a rise in ETF holdings should keep a floor under prices. Bullion advanced to a record $1,577.57 an ounce on May 2 as investors sought to protect their wealth against the prospect of accelerating inflation and currency debasement. On Tuesday, gold for June delivery added $7.90, or 0.5%, to finish at $1,523.30 an ounce at the Comex division of the New York Mercantile Exchange. Silver futures rallied 3.5%, while copper gained 0.5% as concerns about the global economy were in backburner.

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