Gold price falls to 1-month low, Tokyo pulls back from record
but Singapore, Hong Kong, mainland China, Malaysia and Taiwan remained closed.
Investors will also be on watch for any discussion on the strength of the euro ahead of the G20 meeting at the end of the week.
G20 finance ministers and central bankers meet in Moscow on Friday and Saturday, and G20 officials said on Monday the Group of Seven nations are considering a statement this week reaffirming their commitment to "market-determined" exchange rates.
Tokyo gold futures fell 31 yen to 4,999 yen a gram, with speculators taking profits from last week's rally to an all-time high of 5,081 yen a gram. Trading was closed on Monday for a holiday.
"Spot gold has dropped about $20, but the Japanese yen is weak, so that's why you see buying from the general public," said a dealer in Tokyo, adding that gold bars remained at discounts of between 75 cents to $1 to spot London prices.
Platinum and palladium were below their highest level in more than a year.
But both metals have out performed gold and silver so far this year on an improving economic outlook and after mining disruptions in South Africa, as well as a drop in supply from Russia, triggered fears of a deficit.
"Because of the Chinese New Year we expect cautious industrial demand for the upcoming week. Generally, we expect the price of platinum to be well supported by the situation in South Africa," precious metals refiner Heraeus said in a report.
But it remains
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