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Oil prices dip in European trading

Oil prices dipped in European electronic trade on Monday as investors held off taking positions amid rising tensions over Syria. London was closed for a bank holiday on Monday, but in electronic trading on the Intercontinental Exchange (ICE) Brent North Sea crude for October slid to $110.94 approaching midday from $111.04 at the close on Friday.

At the same time on the New York Mercantile Exchange (NYMEX), a barrel of West Texas Intermediate for delivery in October edged up to $106.56 from $106.42 on Friday evening.

Instability in the Middle East continued to support oil prices amid the political crisis in Egypt and mounting talk of Western intervention in Syria over allegations that government forces used chemical weapons on civilians.

Gold falls from 11-week high, awaits US news

Gold prices eased on Monday from an 11-week high above $1,400 an ounce hit overnight in Asia, as uncertainty over the outlook for US monetary policy and a slightly firmer tone to the dollar kept the metal in check. Weak US data and news that the world’s biggest gold-backed exchange traded fund had seen its biggest one-day inflow this year supported an early rally in bullion, with a breach of key chart levels sparking a jump to $1,406.01, its highest since June 7.

However, it quickly retreated to trade little changed from Friday, after the technically-driven rally ran out of steam.

Spot gold was down 0.2 per cent at $1,395.85 an ounce by 0941 GMT. US gold futures for December delivery were up 10 cents an ounce at $1,395.90.