SINGAPORE (Commodity Online) : Gold prices edged up in Asian trade Tuesday as the dollar weakened against major currencies.
Gold for immediate delivery was seen trading at $1136.81 an ounce at 11.30 a.m Singapore time while gold futures for February delivery were at $1,137.00 an ounce at the same time.
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On Monday, February delivery closed at $1,130.50 on the COMEX division of the New York Mercantile Exchange on Friday while spot gold ended at $1,132.50 an ounce.
New York energy and commodity markets were closed on Monday for Martin Luther King Jr. Day.
Meanwhile, the world's largest gold-backed exchange-traded fund, the SPDR Gold Trust said its holdings stood at 1,112.836 tonnes as of Jan. 18, unchanged from the previous day.
Spot palladium hit a fresh 18-month high above $459 an ounce in early trading on Tuesday, helped by the launch this month of a new U.S.-based exchange-traded fund backed by the metal.
Spot platinum was at $1,623.50, having earlier risen to a high of $1,625.50.
Analysts expect platinum and palladium, used in catalytic converters, to rise further, but also warn of a correction on concerns over the still-ailing auto sector.
The platinum group metals rise and the dollar's dip against a basket of currencies lifted gold, but analysts said fresh impetus was needed to push bullion higher as there was little support from currency markets with the euro under pressure.
