Gold and sliver prices dropped sharply in feverish electronic trade on Monday after voters in Switzerland rejected a measure that would have required the Swiss National Bank to ramp up its gold reserves to 20% of its holdings, up from 8%.
By late Monday morning in East Asia, Comex gold for December delivery GCZ4, -2.12% was down $26, or 2.2%, at $1,149.20 an ounce in what looked to be the start of a turbulent week for the metal.
December silver SIZ4, -4.16% was hit even harder, dumping 69 cents, or 4.5%, to $14.80 an ounce.
Tokyo (Nikkei Average) up 0.9%
Hong Kong (Hang Seng Index) down 1.8%
Shanghai (Shanghai Composite Index) up 0.7% (at break)
Sydney (S&P/ASX 200) down 1.8%
Seoul (Kospi) down 0.7%
Mumbai (Sensex) up 0.3%
Taipei (Taiex) down 0.6%
Asian markets were mixed on Monday after China released data pointing to further weakness in the country's manufacturing sector, while Tokyo hit a seven-year high as the yen slipped against the dollar.
Energy firms took a hit for a second successive session while airlines climbed after OPEC's decision to maintain oil output levels despite a supply glut and plunging prices.
Tokyo rallied 0.98 per cent to its highest level since July 2007 thanks to fresh yen weakness, while Shanghai added 0.60 per cent on hopes for more economy-boosting measures from China's leaders.
However, Hong Kong sank 1.29 per cent, Sydney slipped 0.78 per cent and Seoul was 0.86 per cent lower.
