SINGAPORE (Commodity Online) : Gold prices eased in Asian trade Wednesday after closed near to all time high overnight.

Gold for immediate delivery was seen trading at $1227.58 an ounce at 11.30 a.m Singapore time from Tuesday's close of $1232.05 an ounce.

U.S. gold futures for June delivery added $10.3 an ounce to $1,230.6 an ounce.

Analysts said Jewellers in Asia cashed in on Tuesday's rally to a record $1,233.65 an ounce and said the metal was likely to consolidate at current levels.

The previous record for the metal was set on December 3 last year when it reached $1,226.56.

They added that the precious yellow metal was likely to maintain its safe haven role while other markets remained vulnerable.

The world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings were unchanged at record high of 1,192.150 tonnes as of May 11.

The precious metal, whose two main drivers are jewellery and investment buyers, hit record highs last year on the back of inflationary fears and increasing moves by central banks to diversify assets away from the dollar.

On Tuesday, gold for June delivery rose $19.50 to settle at $1, 220.30 an ounce on the Comex division of the New York Mercantile Exchange.

Silver for July delivery added 74.2 cents to settle at $19.294 per fine ounce. Copper for July delivery settled down 2.15 cents at $3.2065 per pound.

Gold