Commodity Capsule: Gold slips, brent crude oil falls, copper sinks | Watch video

Commodity Capsule: Markets mellow down ahead of upcoming cues on the U.S. economy and, a series of addresses from Federal Reserve officials.

Representative image. Source: Reuters

Commodity Capsule: Gold prices extend weakness for the second day.

Markets mellow down ahead of upcoming cues on the U.S. economy and, a series of addresses from Federal Reserve officials.

The lack of an immediate escalation in the Israel-Hamas war dented any more near-term safe haven demand.

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The dollar found its footing around the 106 mark, near 11-month highs.

International spot gold hovers under $1920, losing over $20 in two trading sessions.

The focus is now on US retail sales and industrial production data due later on Tuesday.

Copper sinks, China GDP in focus

LME copper reversed recent gains on Tuesday, as markets hunkered down ahead of Chinese economic readings this week.

LME copper hovers under the key $8,000 mark; languishing near five-month lows.

Third-quarter Chinese gross domestic product data, due on Wednesday, is expected to show further deterioration in China's growth.

Industrial production data for September is expected to show continued weakness in the sector.

Copper bulls garnered some support from quarterly production figures from Rio Tinto Ltd. The miner clocked slightly stronger iron ore and copper shipments on steady demand in China.

Oil prices fell slightly on Tuesday after shedding over 1 per cent in the previous session.

Brent crude futures were seen hovering at the $90 mark.

Hopes that the US would ease sanctions on Venezuela along with Washington stepping up efforts to prevent escalation of the Israel and Hamas conflict, weighed upon crude oil.

Since 2019, the US has sanctioned oil exports from Venezuela to punish Maduro's government following elections in 2018 that Washington considered a sham due to human rights violations.

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