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Gold firmed near a record high reached in the previous session, while the world's largest gold-backed ETF reached an all-time high on Thursday as investors continued to worry that attempts to contain the eurozone debt crisis would either fail or stoke inflation.
Holdings on the SDPR Gold Trust rose around 17 tonnes - worth nearly $700 million - to a record of 1,209.499 tonnes as of May 12 as retail investors turned to the metal as a hedge against volatile currencies and economic uncertainties.
Spot gold was at $1,237.00 an ounce by 0613 GMT, up 65 cents from New York's notional close on Wednesday, when it roared to a record $1,248.15 on worries that a $1 trillion European rescue package will not solve the euro zone debt crisis. US gold futures for June delivery fell $6.2 an ounce to $1,236.9 an ounce.

Copyright Reuters, 2010

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