SINGAPORE (Commodity Online) : Gold prices remained highly volatile in Asian trade Tuesday while silver held near a 30-year high.
Analysts said the yellow metal is likely to advance further during the day on renewed concerns over European debt crisis and also on speculation the US Fed will extend monetary easing.
Gold for immediate delivery was seen trading at $1421.59 an ounce at 12.30 p.m Singapore time while U.S. gold futures for February rose was at $1421.37 an ounce at the same time.
Silver for immediate delivery gained 0.2 percent to $30.2175, reversing an earlier decline of as much as 0.8 percent. The metal climbed to $30.2663 monday, the highest since 1980. Spot metal has advanced 77 percent this year, outperforming gold.
Palladium added 0.5 percent to $761.75 an ounce and platinum was little changed at $1,720.20 an ounce.
The U.S. Dollar Index, which tracks the greenback against six major counterparts including the euro, dropped as much as 0.4 percent today. Gold usually moves inversely to the U.S. currency.
On Monday, gold futures for February delivery closed up $9.90, or 0.7 percent. Earlier, the price reached $1,422.40, $1.90 away from the intraday record of $1,424.30 on Nov. 9. The metal has gained 29 percent this year.
Silver futures for March delivery rose 46.4 cents, or 1.6 percent, to $29.735 an ounce. Earlier, the price reached $30.115, the highest since 1980. The metal has surged 77 percent this year.
Palladium futures for March delivery fell $18.70, or 2.4 percent, to $751.40 an ounce on the New York Mercantile Exchange.
