Gold slided as the U.S. dollar turned higher against the euro and spurred selling. Trading was thin ahead of a weekend summit of industrialised and emerging nations on the global financial crisis, which has stirred fears of falling demand for commodities and prompted investors to dump risky assets, even including gold. The euro slipped to $1.2730 ahead of the G20 meeting, whose outcome was unlikely to offer much direction to the currency market Dealers said they expected steady physical buying from India, the world's main gold consumer, would also aid prices during the traditional wedding season, which runs until early next year.
Crude slipped below $58 on back of global economic slowdown cut fuel demand in the largest energyconsuming countries. Iran’s OPEC governor on Friday said the Islamic Republic would back any decision by the group for a further production cut when it meets later this month in Cairo. OPEC will hold a consultative meeting on Nov. 29 in Cairo, according to a spokesman at the group's Vienna headquarters. It will coincide with a gathering of Arab oil ministers already scheduled for that day. The organization decided at a meeting in Vienna last month to cut the production target for 11 of the group's members by 1.5 million barrels a day, from 28.8 million barrels a day.
Base metals remained range bound buy in morning A weaker dollar helped pushed up copper prices in early trade, but the industrial metal held on to gains even as the greenback rebounded as traders covered short positions ahead of the meeting of 20 industrial and emerging nations in Washington. Copper prices also favored by Chinese production cuts offset demand concerns after data showed China's industrial output fell in October. Indonesia, while Xstrata Plc announced plans to cease operations at Craig and Thayer-Lindsley nickel mines ahead of schedule. Lead jumped to $1,359.75 a tonne from $1,300 and was last bid at $1,338, Zinc climbed 5.7 percent to a one-week high of $1,215 versus $1,150 before closing at $1,210 and aluminum climbed $8 to $1,945 a ton.
