Gold steadied in thin Asian trade Tuesday as reports of economic recovery and strong stocks countered weak dollar.

Spot gold was seen trading at $1182.18 an ounce at 12.30 p.m Singapore time while US futures for December delivery hardly moved at $1,185 an ounce.

Silver for immediate delivery decreased 0.2 percent to $18.3375 an ounce, and palladium climbed 0.5 percent to $511.30 an ounce. Platinum fell 0.7 percent to $1,590.75 an ounce.

Earlier, the yellow metal rose to near a 1-week high as a weak dollar spurred buying from investors, while jewellers were also expected to snap up the metal ahead of the festive season.

However, analysts said trading was thin ahead of a trail of U.S. data such as June personal income.

The greenback was hovering near a three-month low against a basket of currencies on Tuesday on worries the U.S. growth outlook is deteriorating and could force the Federal Reserve to keep interest rates low.

Meanwhile, world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings were unchanged at 1,282.279 tonnes, down nearly 3 percent from a record of 1,320.436 tonnes in late June 29.

On Monday, spot gold rose as high as $1,190.40 an ounce.U.S. gold futures for December delivery settled up at $1,185.40.

Gold