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Nikkei falls and gold retreats

The Nikkei Index fell 2.6% to a one week low on Monday morning after Japan’s economy unexpectedly slipped into recession. The news prompted investors to take profits after recent gains.

gold bar

Japan’s economy unexpectedly shrank an annualised 1.6% in July-September after a severe contraction the previous quarter.

The gold price retreated after hitting a two week high on Monday, tracking moves in the dollar, but the metal managed to hold
most of the previous session’s short covering gains.

Gold was last trading at $1,187.79 with the platinum price quoted at $1,207.63, while palladium is trading at $768.00.

Source: www.psgonline.co.za

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