Gold and oil plunged at weekend close Friday after the greenback strengthened amid a Chinese move to raise key rates.
Gold futures on the Comex Division of the New York Mercantile Exchange suffered a sharp drop, falling below $1,400.
The most active gold contract for December delivery shed $37.8, or 2.7 percent, to $1,365.5 per ounce while light sweet crude for December, fell to $84.88 a barrel, down $2.93 from Thursday's closing level.
December silver fell $1.463, or 5.3 percent, to $25.942. Platinum also lost $61.2, or 3.5 percent, to $1,684. 6 per ounce.
The gold prices have gained 28 percent so far this year and topped $1,400 per ounce on Monday and fluctuated around the mark.
Analysts said speculations are rife that China is likely to raise its benchmark interest for the second time to rein in inflation.
China's October's CPI, a major gauge of inflation, hiked 4.4 percent from the same period of last year, triggering wide speculation that the central bank will lift the interest rate.
Meanwhile, London s Brent North Sea crude for December dropped $2.47 to $86.34.
Gold futures on the Comex Division of the New York Mercantile Exchange suffered a sharp drop, falling below $1,400.
The most active gold contract for December delivery shed $37.8, or 2.7 percent, to $1,365.5 per ounce while light sweet crude for December, fell to $84.88 a barrel, down $2.93 from Thursday's closing level.
December silver fell $1.463, or 5.3 percent, to $25.942. Platinum also lost $61.2, or 3.5 percent, to $1,684. 6 per ounce.
The gold prices have gained 28 percent so far this year and topped $1,400 per ounce on Monday and fluctuated around the mark.
Analysts said speculations are rife that China is likely to raise its benchmark interest for the second time to rein in inflation.
China's October's CPI, a major gauge of inflation, hiked 4.4 percent from the same period of last year, triggering wide speculation that the central bank will lift the interest rate.
Meanwhile, London s Brent North Sea crude for December dropped $2.47 to $86.34.
