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Gold prices fell in Asia on Friday after Fed Chair Janet Yellen said that an interest rate hike this year is still very much on the cards. Yellen said she anticipates that it will be appropriate to raise short-term interest rates by the end of the year. In prepared remarks for a speech at the University of Massachussetts-Amherst, Yellen emphasized that most of her colleagues will likely support raising the target range for the Federal Funds Rate at some point this year. FOMC only disclosed that 13 of 17 of its members were in favor of raising rates this year. Yellen had not personally associated herself with a rate hike since July.

Overnight, LME copper once dipped to USD 5,013/mt but later rebounded due to softer dollar, to close up USD 21/mt at USD 5,080/mt. Safety-seeking sentiment is boosted in market. German’s auto industry is attacked and Caterpillar will lay off workers. European and US stocks all dropped. US durable goods orders are soft. US dollar index fell initially but later rallied thanks to the dovish tone of Yellen’s speech, weighing down base metals. Investors will exit market to seek safety ahead of holiday. LME copper should move between USD 5,020-5,120/mt during Asian trading hours

Oil markets remained subdued in early trading in Asia on Friday after weak data from Japan reinforced concerns over global economic growth. Japan's core consumer prices fell 0.1 percent in August from a year earlier, government data showed on Friday, marking the first year-on-year drop since April 2013. The index includes oil products but excludes fresh food prices. HSBC cautioned not to over-focus on weak China data, arguing that fully developed economies were also slowing. Yet a global oversupply that analysts estimate at 2.5 million barrels per day remains largely in place due to high production.