Brent futures fell $2.07, or 5.0%, to $39.13 a barrel by 10:13 a.m. EDT (1413 GMT), while U.S. West Texas Intermediate (WTI) crude fell $2.27, or 5.7%, to $37.30.
Spot gold hit its lowest since Sept. 28 at $1,872.55 per ounce before recovering to $1,876.01 by 10:09 a.m. EDT (1409 GMT). U.S. gold futures fell 1.9% to $1,876.20.
Gold loans would be preferred also because NBFCs and banks have tightened their underwriting norms for other loans, leading to cautious lending to micro and small enterprises, traders and the self-employed.
"Gold prices in India traded higher for the day with spot gold prices for 24 karat in Delhi rising by Rs 188 on a sharp rupee depreciation," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
Analysts attributed the rise in copper prices to raising of bets by participants, driven by a pick-up in spot demand.
Marketmen said widening of positions by participants following pick up in demand from consuming industries kept zinc prices higher in futures trade.
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The stock, which was up 14 per cent intraday, traded 8.5 per cent higher at Rs 166.50, as that pr
Analysts said fresh positions created by traders after some demand from consumer industries supported aluminium prices.
Globally, West Texas Intermediate crude oil was trading 2.98 per cent lower at USD 38.39 per barrel, while Brent crude declined 2.43 per cent to USD 40.20 per barrel in New York.
Silver was trading flat at USD 24.57 per ounce in New York.
Gold was trading 0.20 per cent down at USD 1,908.10 per ounce in New York.
A firm trend in spot market and restricted supplies from producing regions pushed up coriander prices here, market analysts said.
Marketmen said raising of positions by participants amid a rising demand from cattle-feed makers mainly influenced cottonseed oil cake prices here.
"The higher-than-expected build in U.S. crude stocks prompted fresh selling, while concerns over supply disruption from Hurricane Zeta have receded," said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
MCX GOLD is trading in a broad range of Rs 50,540-51,200 since last few sessions. The price has failed to move either side of the consolidation zone.
Marketmen said slackness in demand in the spot market and increased supplies from growing regions put pressure on guar gum prices.
Market analysts said cutting down of positions by participants against ample stocks mainly influenced refined soya oil prices.