SINGAPORE (Commodity Online) : Gold prices eased in Asian trade Tuesday after creating yet another record overnight as it surged above $1174 an ounce, an all-time high.

Spot gold was seen trading at $1,159.78 an ounce at 11.30 a.m Singapore time while December-delivery gold on the Comex division was at $1,160 an ounce at the same time.

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Precious yellow metal dropped for the first time in three days in Asia as some investors sold the metal to lock in gains after its rally to a record and as the dollar advanced.

On Monday, spot gold reached an all-time high of $1,174 an ounce and advanced 5.6 percent in the past seven days as the dollar slumped 0.6 percent against a basket of six major currencies.

In New York trade, gold for December delivery settled up $17.90 at $1,164.70 per

The dollar rose against 15 out of 16 most-active currencies as traders pulled out of bets for a decline ahead of the U.S. Thanksgiving holiday this week, and before the release today of revised gross domestic product data forecast to show the U.S. economy expanded more slowly than initially expected pace in the third quarter.

Meanwhile, holdings in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, rose Monday to 1,121.46 metric tons, the most since June 29. Investment demand for the metal as a haven against a declining dollar and inflationary expectations has boosted gold prices by 32 percent this year.

The precious metal has rallied to a series of record highs since news that India bought 200 tones of gold from the IMF broke in early November. Since then a number of other central banks have announced they too are buying gold.

Meanwhile, Gold’s gains lifted other precious metals, with platinum hitting its highest since September 2008 at $1,472.50, and silver it’s strongest since July 2008 at $18.88 an ounce.

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