Asian markets start the new week on a lower note, Nikkei down over 3 pct and gold stable above $1,270

All the major Asian indices are trading on a lower note on the start of a new week. On the other side, most Australian banks will be closed in observance of the Queen's Birthday.

Gold remains well supported above $1,270 and trading around $1275 marks. This week will be important for the U.S. dollar as well as gold too. U.S. will release interest rate decision on the Wednesday.  In addition, USD/JPY falls below 106.26 Yen and hits lowest level since early May.

Japan’s Nikkei N225 was trading 3.06% lower at 16,093.53 points in Tokyo.

South Korea’s Kospi was trading 1.62% lower at 1,984.17 points.

Shanghai composite index to open down 1.0 pct at 2,897.27 points and China's CSI300 index to open down 1.0 pct at 3,134.05 points.

India’s BSE Sensex was trading 1.07% lower at 26,352.99 and NSE Nifty was down by 0.93% to 8,094.10 points.

Hong Kong’s Hang seng was trading 2.56% lower at 20,504 points.