SINGAPORE (Commodity Online) : Gold prices eased in Asian trade Thursday, mainly on profit taking by investors as they sold the metal to lock in gains after the longest rally in five months.

Spot gold was seen trading at $1137.71 an ounce at 11.30 a.m Singapore time after hitting as low as $1136.70 in early trade.



Bullion gained 3.8 per cent in the past five days, the longest winning streak since the five days ending October 8.

On Wednesday, the greenback dropped to a two-week low against a basket of six currencies, including the euro and pound, as concerns about the economic recovery in the UK and other parts of Europe eased.

Gold for April delivery gained $5.90 to settle at $1,143.30 an ounce while Silver for May delivery gained 26.5 cents to $17.329 an ounce. May copper rose 2.35 cents to $3.435 per pound.

The Dollar Index was little changed Thursday. A firmer euro could also lend support, with markets less worried about the debt crisis in Greece that had undermined the single currency. Gold priced in euro and sterling was within sight of their record highs.

Among other precious metals for immediate delivery, silver fell 0.2 per cent to $17.1675 an ounce, platinum slid 0.4 per cent to $1573 an ounce and palladium was little changed at $448.88 an ounce.

Meanwhile, Holdings in the SPDR Gold Trust, the biggest exchange-traded fund backed by the metal, rose for a second day yesterday to 1115.51 metric tons.

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