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SINGAPORE (Commodity Online) : Gold eased in Asian trade Tuesday after overnight gains near two percent on concerns over falling stocks, volatile currencies amid Euro zone debt worries.

Gold for immediate delivery was seen trading at $1237.24 an ounce at 11.00 a.m Singapore time while U S gold futures for August delivery was at $1,239.6 ounce at the same time.

The European single currency unit, the euro held near four years lows on Tuesday, with funds expected to resume selling on lingering concerns about the European financial system, even though finance ministers from the euro zone had agreed to set up a safety net arrangement.

On Monday, the precious yellow metal rallied to within inches of its dollar record and beat its all-time high in euros today as investors increasingly buy the metal as a hedge against financial deterioration in the euro zone.

Most-actively traded gold, for August delivery, rose $23.10, or 1.9 per cent, to settle at $1240.80 an ounce on the Comex division of the New York Mercantile Exchange.

That just missed the $1243.10 record close for a most-active contract set in mid-May. Nearby futures had their largest one-day US dollar and percentage gain since February 16.

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