SINGAPORE (Commodity Online) : Gold prices eased marginally in Asian trade Tuesday after the dollar pared some losses against major currencies.

Spot gold was seen trading at $1102 an ounce at 11.30 a.m Singapore time while US gold futures for December delivery were at $1102.40 an ounce at the same time.

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The precious yellow metal hit a record high above $1,110 an ounce Monday as the dollar tumbled on expectations of low U.S. interest rates, boosting bullion's appeal as a hedge against a falling U.S. currency.

Bullion hit a high of $1110.85 per ounce, setting a record for the fourth time in the five trading sessions, during which it rose more than $50.

US gold futures for December delivery rose $5.70 to settle at $1101.40. It hit a record of $1111.70 on Monday.

However, expectations that US interest rates will likely stay low have provided firm support and gold holdings for the world's biggest gold-backed exchange-traded fund, SPDR Gold Trust, climbed to a level not seen since July, with investors looking at bullion as an alternative asset to the US dollar.

Gold holdings held by the SPDR Gold Trust rose by a little over 6 tonnes to 1114.443 tonnes, marking the first increase since November 3.