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.
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.