Gold clung to small overnight gains near $1,110 an ounce on Friday, but the metal was headed for a third consecutive weekly fall as investors continued to fret over the timing of a looming U.S. interest rate hike. Earlier in the week, gold had fallen to $1,101.11, the lowest since Aug. 11. It has lost 1 percent for the week. Traders were awaiting the Federal Reserve's next policy statement on Sept. 17 for clues on the timing of a U.S. interest rate rise, before taking any big positions in gold. The London Metal Exchange is in talks with the gold industry with a view to launching precious metals derivatives, LME Chief Executive Garry Jones said on Thursday.

Copper prices have fallen in recent years, pulling the miners down with them. Of course, challenges to the commodities sector have been heavily influenced by a mismatch between demand and supply growth. LME copper moved in a tight range of USD 5,360-5,400/mt during European and US trading hours and closed at USD 5,392/mt, edging up USD 36/mt. LME copper should consolidate the support at the 60-day moving average and move in USD 5,350-5,400/mt during Asian trading hours. LME copper to range between RMB 40,800-41,300/mt on Sept. 11.

Crude oil prices eased on Friday due to a strong dollar and Saudi Arabia's dismissal of a producer summit, putting prices on track for a small weekly fall despite a strong rally in the previous session. Saudi Arabia believes a summit of oil producing countries' heads of states would fail to produce concrete action toward defending oil prices. Russia's energy minister expects cuts in global shale oil production to help stabilise the oil market. Alexander Novak also reaffirmed that Russia, would not cut its own production.

CS GOLD (OCTOBER) OVERVIEW:

TREND : BEARISH
RESIST 2: 26400
RESIST 1: 26290
SUP 1: 26040
SUP 2: 25980
STRATEGY: SELL ON RISE

CS SILVER (SEPTEMBER) OVERVIEW:

TREND : SIDEWAYS
RESIST 2:36120
RESIST 1:35820
SUP1:35240
SUP2:35030
STRATEGY : SELL ON RISE