Gold prices edged up in Asian trade Monday, tracking high level of investor confidence amid strong stock markets in the region.
Gold for immediate delivery was seen trading at $1183.39 an ounce at 12.00 noon Singapore while U.S. gold futures for December delivery was at $1,185.4 an ounce on the comex division of NYMEX.
Silver for immediate delivery was at $18.065 an ounce, platinum at $1,587.95 an ounce, while palladium was little changed at $497.25 an ounce at the same time.
Equity markets across Asia advanced while the dollar hit a three-month low against a basket of currencies due to concerns the U.S. economy's recovery was losing momentum following the release of poor economic growth data.
Meanwhile, the world's largest gold-backed exchange-traded fund, SPDR Gold Trust said holdings were unchanged at 1,282.279 metric tons, having dropped more than 18 metric tons in late July. The holdings hit a record at 1,320.436 metric tons on June 29.
On Friday, gold for December delivery settled at $1,183.90 an ounce, while October platinum ended $1,576.80 an ounce
The metal declined 4.9 percent in July, the biggest monthly drop this year. December-delivery futures were little changed at $1,183.70.