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GOLD - Gold inched lower fell $2.60 to settle at $1278.30/oz touching their lowest since October 6 as US stocks reached record heights. Gold prices dipped on as investors anxiously awaited news on the next head of the U.S. Federal Reserve, while strong share markets and a calmer geopolitical environment sapped safe-haven demand. Gold prices came under pressure as the dollar edged higher on signs of progress toward pro-growth tax reform and data showing bullish manufacturing and services growth. Also House Republicans aim to introduce their tax bill on Nov. 1, CNBC reported citing a Capitol Hill source, fuelling investor expectations that tax reform is edging closer to fruition. News on the progress of tax reform came just hours after investor expectations of solid quarterly economic growth received a boost on the back of data showing manufacturing and services activity topped economists’ forecasts. In economic news, the euro area economy expanded strongly at the start of the fourth quarter on another marked improvement in new orders, but the pace of growth slowed from September.

CRUDE OIL - Crude oil on MCX settled up 1.42% at 3431 tracking firmness from Nymex crude oil rose which gained nearly 1.10% to settle at $52.47/bbl after Saudi Arabia signalled its determination to end the global supply glut. At a conference in Riyahd, Saudi Energy Minister Khalid al-Falih kept the door open to extending OPEC's supply limit deal with Russia through 2018. "The intent is to keep our hands on the wheel between now and until we get to a balanced market and beyond, we are not going to do anything that is going to disrupt the path we are on," Saudi Energy Minister Khalid al-Falih told. Meanwhile US crude oil inventories data will be in focus over the next two sessions. Yesterday Crude oil inventories in the US rose by 519,000 barrels last week, the API said on Tuesday, while gasoline supplies fell by 5.753mbls and distillate stocks dropped 4.949mbls. While the estimates will be to be followed on Wednesday by official data from the EIA.

COPPER - Copper on MCX settled up 0.69% at 461.05 as support seen from LME Copper prices which breached $7,000 a tonne last week for the first time in more than three years as inventories of metal continue to fall. LME copper stockpiles are down 10 percent over the past four weeks, with more than 13,000 tonnes of copper warrants cancelled - a sign of further deliveries out of warehouses in coming days. Also a wave of fresh investment drove Chinese copper futures more than 2 percent higher on Tuesday. Traders said the weaker U.S. dollar prompted investors to buy into copper contracts on the London Metal Exchange (LME). The lower greenback makes dollar denominated LME contracts less expensive for holders of other currencies. Also data released on Monday showed China’s refined copper output was the highest since December 2014. Overall all base metals gained as support seen after news update that China will strive to comply fully with its own air quality standards by 2035, the country’s environment minister said on Monday, adding that the long and difficult battle against pollution would eventually benefit the economy. Now in the week ahead, investors will be watching the European Central Bank meeting for further details on plans to scale back its massive stimulus program. Markets will keep an eye on a preliminary reading of third-quarter U.S. growth to further assess the impact of recent hurricanes on economic activity and how it could affect the Fed’s view on monetary policy.

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