SINGAPORE (Commodity Online) : Gold prices continued upward trends in early Asian trade Monday after breaking the psychological barrier of $1300 an ounce mark last week.

Gold for immediate delivery was seen trading at $1296.41 an ounce at 12.00 noon Singapore time while U.S. gold futures for December delivery was hardly changed at $1,297.8 an ounce on the Comex division of Nymex.

Analysts said the precious yellow metal is likely to advance further towards that glittering mark as worries about the health of the global economy spurred buying from investors.

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However, they said high prices might tempt some investors to book profits during the week.

The greenback traded near a five-month low versus the euro as expectations the U.S. economy will slow added to speculation that the Fed will ease monetary policy

The Dollar Index, a six- currency gauge of the dollar’s value, fell to 79.255, matching the level on Sept. 24, which was the lowest since Feb. 3.

Meanwhile, Thinly-traded silver jumped to its highest in 30 years at $21.48 an ounce.

The world's largest gold-backed exchange-traded fund, SPDR Gold Trust , said its holdings fell to 1,300.521tonnes by Sept 24 from 1,301.433 tones on Sept 23.The holdings hit a record at 1,320.436 tones on June 29.

Platinum for immediate delivery declined as much as 0.3 percent to $1,639.50 an ounce after reaching $1,649.75 on Sept. 24, the highest price since May 19. Palladium was little changed at $559.88 an ounce.

On Friday, gold futures rose , hitting all-time highs above $1,300 an ounce as investors fretted over economic uncertainty after the Federal Reserve raised expectations to take new measures to spur growth.

Silver also surged to a 30-year high on strong investment buying, with holdings of the world's largest silver-backed exchange-traded fund rising to a record high.

US gold futures for December delivery hit a record $1,301.60 an ounce, then retreated from session highs as Wall Street rallied, with the S&P 500 stock index up 2 percent.

The benchmark contract settled up $1.80 at $1,298.10 an ounce. Spot gold rose 0.3 percent to $1,297.30 an ounce .Bullion posted its biggest two-week gain since May.

Gold has risen more than 4 percent so far this month and hit record highs in six out of the last seven sessions.

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