Gold recovered in Asia while Futures prices remained lower Wednesday on the impact of a relatively mild quake in Virginia.
Gold for immediate delivery was seen trading at $1842.52 an ounce at 1.30 p.m Singapore time while US gold for December delivery was at $1845.94 an ounce on the comex division of Nynex.
Analysts said Tuesday’s sharp losses prompted some buying interest in Asia, helping spot gold up 1.2 percent to climb above $1852 an ounce in early trade.
They said the precious yellow metal is likely to extend gains during the day though Futures prices are likely to remain steady.
Holdings in the world's largest gold-backed exchange-traded fund, the SPDR Gold Trust , dropped nearly2 percent on the day to 1,259.569 tonnes. While iShares Silver Trust reported a 1.4-percent jump in its holdings.
Gold prices hit a record at $1,917.90 an ounce earlier. It was the first time gold's price went that high. Adjusted for inflation, Gold is still below the peak it reached in 1980.
Meanwhile, September silver fell $1.034 to $42.291 an ounce, October Platinum fell $25.60 to $1,880.10 an ounce and September Palladium fell 70 cents to $764.40 an ounce.
On Tuesday, gold futures fell , snapping a rally that took prices to a record just pennies shy of $1,900 an ounce as profit-taking ensued and as global equity markets posted gains.
Gold for December delivery fell $30.60, or 1.6%, to end at $1,861.30 an ounce on the Comex division of the New York Mercantile Exchange.
