SINGAPORE: Asian stocks turned positive on Monday, recovering a small portion of last week's steep losses, while gold shot to new highs as investors worried about the sluggish U.S. economic outlook and Europe's debt crisis.
Spot gold prices hit a record high of $1,878.39 per ounce as the shaky global outlook prompted investors to move more money into the safe haven, while oil prices tumbled on hopes Libya may resume full output soon as a six-month civil war seemed to be nearing an end.
Japan's Nikkei 225 index clawed back early losses and was up 0.2 percent at 0300 GMT as the prospects for currency market intervention by Tokyo to weaken the strong yen offset growing worries of another U.S. recession.
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