SINGAPORE (Commodity Online) : Gold prices steadied in Asian trade Monday mainly on bargain hunting based on a strong euro amid a recovered dollar.

Gold for immediate delivery was seen trading at $1116.32 an ounce at 11.30 a.m Singapore time while U.S. gold futures for April delivery hit an intraday high of $1,120.7 an ounce.

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Analysts said the precious yellow metal may drop for the first time in three days as the dollar stemmed its decline, damping investor demand for an alternative investment.

Silver climbed to a one-month high. Silver added as much as 1.4 per cent to $16.7075 an ounce, the highest price since February 3, before trading at $16.6150.

Copper, which surged on worries about supply after an 8.8-magnitude quake hit top producer Chile.

Copper futures jumped to their highest in more than five weeks,sparked supply worries but the market pared early gains of 5 percent, though threats linger

Gold, which gained 2 percent in February on economic uncertainties and signs that U.S. interest rates would stay low in the near term, has yet to breach the 75-day moving average around $1,121 to sustain the uptrend.

Sterling-priced Gold hit record highs above 738 pounds after the British currency tumbled to a nine-month low against the dollar on growing political uncertainty as an opinion poll pointed to the risk the country's next election would result in a hung parliament.

The world's largest gold-backed exchange-traded fund, SPDR Gold Trust , said its holdings stood at 1,106.987 tonnes as of Feb. 26, unchanged from the previous business day.

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