Gold prices -Gold fell to its lowest level in four weeks on Monday, extending a sell-off to a fourth straight session, as investors feared the Federal Reserve would hike U.S. rates this year. The metal had posted its worst weekly drop in nine weeks on Friday after the Fed surprised with a direct reference to its next policy meeting as a possibility for the first U.S. rate hike in nearly a decade. Traders have said the technical picture for gold has deteriorated, warning of further price drops. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.3 percent to 692.26 tones on Friday.
MCX Copper Tips -LME copper started at USD 5,145/mt last Friday and once moved higher to USD 5,165/mt answering to Chinese stock market. But LME copper fell to a recent low of USD 5,104/mt during European and US trading hours before ending at USD 5,113/mt, down USD 16/mt. Positions grew but trading volumes decreased. LME copper will move in USD 5,080-5,120/mt during Asian trading hours amid growing market risks. Sluggish economy in China and bullish US dollar will compound to weigh on base metals. China’s official PMI in October was 49.8, flat at September’s.
Crude oil prices - Oil prices fell in early trading in Asia on Monday as analysts expected weaker demand from China in upcoming months. Monday's falls came after gains made last week following a further decline in the U.S. oil rig count which indicated that domestic crude production could drop in coming months. Barclays said that China's oil demand growth for September, adjusted for inventories, slowed to 226,500 barrels per day (bpd), or 2.1 percent, compared with the same month last year, much lower than the 6.3-percent gain registered for the first three quarters of the year.
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