SINGAPORE (Commodity online) : Gold prices consolidated positions in Asian trade Thursday on market uncertainty as equity markets and euro movements failed to give any directions for investors.

Analysts said the situation prompted safe haven buying and benefited the precious yellow metal.

Gold for immediate delivery was seen trading at $ 1231.84 an ounce at 11.30 a.m Singapore time while U.S. gold futures for August delivery was at $ 1235.06 an ounce.

The euro consolidated below two-week highs on Thursday, with most investors on the sidelines ahead of a raft of bond auctions in the euro zone area as fresh concerns about Spain's banking system weigh down on sentiment.

However, world's largest gold exchange-traded-fund, the SPDR Gold Trust which stands at a record high of 1,306.137 tonnes, unchanged since June 10.

On Wednesday, Gold inched down after dipping in and out of the red most of the session as investors seemed to go for stocks and other rising riskier assets.

Gold for August delivery, the most active futures contract, lost $3.90, or 0.3%, to $1,230.50 an ounce on the Comex division of the New York Mercantile Exchange.

Silver for July delivery fell 13.7 cents to $18.441 an ounce. Platinum for July delivery fell $10.50 to settle at $1,567.50 an ounce, and palladium for September delivery dipped 35 cents to $475.20 an ounce.

Gold had hit a lifetime high of $1,251.20 last week.

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