SINGAPORE (Commodity Online) : Gold prices continued its northern journey in Asian trade Wednesday as concerns over European debt crisis escalated.

Gold for immediate delivery was seen trading at $ 1237.43 an ounce at 11.00 a.m Singapore time while U.S. gold futures for August delivery eased after hitting an all-time record overnight.

The contract was seen trading at $1236.59 an ounce at 11.00 a.m Singapore time on the comex division of Nymex.

Silver for immediate delivery rose 0.2 per cent to $18.3150 an ounce, palladium added 0.9 per cent to $446.50 an ounce, while platinum slid 0.3 per cent to $1523.35 an ounce.

Gold has gained as much as 14 percent in 2010, underpinned by worries the sovereign debt crisis in Europe may spread and hurt global economic growth and uncertainties over the future of U.S. interest rates.

Physical selling slowed down in Asia and some jewelers could advantage of a slight correction in prices to stock up, with dealers noting steady purchases from investors.

Meanwhile, Holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, rose to a record high at 1,298.530 tones as of June 8, from 1,286.359 tones as of June 4.

On Tuesday, Gold futures for August contract, closed higher by $4.80 at $1,245.60 an ounce, a new record closing high.

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