Gold futures continued its upward ride in the Asia hours today as the string of bad data releases from US ignited the safe haven appeal for metal. The weak consumer spending data added to growth worries raised earlier in the week by a poor ISM reading supported gold overshadowing the approval of the US debt deal. The central bank buying continued to buoy the metal. South Korea buys gold for the first time in 13 years, the latest central bank seeking to reduce dependence on the U.S. dollar. In electronic trading on Wednesday, the metal's prices went as high as $1,664.20 an ounce. Meanwhile, most major Asian stock indexes were trading 2% or more lower. Gold futures for December delivery climbed another $12.40, or 0.8%, to $1,656.90 a troy ounce, after the contract ended at a fresh record on the Comex division of the New York Mercantile Exchange on Tuesday. Gold ended the month of July with smashing gains of nearly $150, recording a new all time high of $1631. In the first half of July gold traded in a wide range of nearly $100, while in the second half of July the commodity hardly traded in the range of $50. The unresolve of US debt and the comeback of Europe debt is keeping it supported. MCX benchmark August gold also jumped to new highs of Rs. 23892 per 10 grams. It may face resistance near Rs. 23940-70 levels.

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