SINGAPORE (Commodity Online) : Gold prices recovered in Asian trade Monday as equity markets fell amid concerns over Hungary's debt problems.

Gold for immediate delivery was seen trading at $ 1218.13 an ounce at 11.30 a.m Singapore time while U.S. gold futures for August delivery was at $1,219.8 at the same time.

Meanwhile, bullion priced in euro striking a record after the single currency slumped, but trade was likely to remain erratic as investor's watch currencies gyrate.

Euro priced gold struck a record around 1,022 euro after the single currency plunged to its lowest in more than four years against the U.S. dollar.

The euro plunged to four-year lows on Monday and stock markets dropped after disappointing U.S. job data cast doubt on the strength of its economic recovery and as Hungary's debt problems spurred investors to dump riskier assets

Hungary's government said on Saturday it aimed to meet this year's budget deficit target, seeking to draw a line under exaggerated talk of a possible Greek-style debt crisis that has unnerved global markets.

The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, said its holdings totaled 1,286.359 metric tones as of June 4, down from 1,289.839 metric tones previously.

On Friday, gold for August delivery rose $7.70 to settle at $1,217.70 per fine ounce.

Silver for July delivery fell 63.2 cents to settle at $17.299 an ounce, and July copper settled 12.7 cents lower at $2.8195.