HONG KONG (MarketWatch) - Gold prices traded near records in late Asian trading hours on Wednesday, as investors assessed euro-zone debt contagion fears and looked ahead to an appearance by Federal Reserve chairman Ben Bernanke before U.S. lawmakers later Wednesday. Gold for August delivery GC1Q +0.65% was recently quoted at $1,573.10 per troy ounce, up $10.70 for the session, after earlier touching a session high of $1,575.90 per troy ounce. Earlier in the North American day, gold settled above its previous settlement record of $1,557.10, set on May 2. Bank of America Merrill Lynch said Bernanke is expected to maintain an "on hold stance" in his semi-annual testimony before Congress, though they said the comments will be closely scrutinized in the wake of recent weak employment reports. "There will be focus on whether he strikes a more dovish tone in terms of the prospect for further easing if the economy does not recover," said Merrill's Hong Kong and Singapore-based analysts in a note Wednesday.
