Commodity markets traded lower on October 29, with oil prices falling as traders assessed fresh diplomatic efforts to avert renewed US strikes on Iran. Gold prices also declined after the Federal Reserve held interest rates steady and offered little clarity on its next policy move.
Oil dropped as traders assessed fresh diplomatic efforts in the Middle East to avert a potential restart of US military strikes on Iran.
Brent fell toward $114 a barrel after rising by more than 1% in the previous session, while West Texas Intermediate was near $102 a barrel.
Gold dipped after the Federal Reserve kept interest rates unchanged and offered little guidance on its next move, leaving traders guessing over the prospect of a hike before year-end.
The precious metal has declined 2.5% in October, on course for a second monthly loss.