Gold prices moved slightly lower on Monday, relinquishing some of Friday's gains.
Gold for December delivery closed at $742 per ounce on the COMEX, down 50 cents on the session. The precious metal fell as much as $12.90 to $729.50 intraday and later rose as high as $748.70.
Gold prices generally followed the trend of U.S. stocks for the day, rising 0.8 percent as the Standard and Poor's 500 index gained 1 percent before falling back later in the session.
Gold's losses were limited as the U.S. dollar fell sharply Monday against the euro and the British pound, improving the precious metal's appeal as a hedge.
Trading also took place following word overnight that the world's second largest economy, Japan's, had fallen into a technical recession for the first time since 2001. The government reported Japan's GDP contracted 0.4 percent in Q3 after decreasing 3.7 percent in Q2.
Gold prices jumped 5.3 percent on Friday, its biggest single-session rise since September 18, and brought the metal to a gain of 1.1 percent for the full week.
Gold remains more than 25 percent below its record high of $1,033 per ounce set in last March.
