DAILY MCX TIPS UPDATE

GOLD

Gold edged down on Monday to just above a one-month low, as European stocks rose ahead of a Federal Reserve policy meeting that will be scrutinized for clarity on when the US central bank will raise interest rates.

 Spot gold fell 0.3 percent to USD 1,103.68 an ounce by 1148 GMT. It had fallen to USD 1,098.35 on Friday, the lowest since August 11. US gold GCcv1 for December delivery was unchanged at USD 1,103.20, also close to its lowest in a month.

 The Fed will kick off a two-day policy meet on Wednesday.

 Though some in the market still reckon a "lift-off" could come this week, the view is gathering steam that faltering global growth could push that back even into next year. [FRX/] "There has been so much anticipation (about the Fed rate hike) that we are now anticipated out," Macquarie analyst Matthew Turner said. 

"I don't think that not raising rates in September could feel like a complete change of policy," Turner said, adding that one concern for gold could be if the dollar resumes its upward move against developed market currencies. 

The dollar recovered from an almost three-week low against a basket of major currencies, while European shares rose, showing resilience to weak China data published over the weekend. 

 Gold has benefited in recent years from ultra-low rates, which cut the opportunity cost of holding non-yielding gold while weighing on the dollar, in which the metal is priced.

CRUDE OIL
Oil prices steadied early on Tuesday as traders closed short positions and took on new longs after markets tumbled in the previous session. Crude prices fell on Monday with the onset of lower demand autumn trading and as weak economic data out of China and soft gasoline prices RBc1 pressured the market.

 A broker said Tuesday's gains were mainly driven by market participants with short positions locking in profit following Monday's falls, while other traders took the price fall as an opportunity to place new orders. Front-month U.S. crude futures CLc1 were trading at USD 44.30 per barrel at 0029 GMT on Tuesday, up 30 cents from their last settlement. 

Internationally traded Brent futures LCOc1 were up 32 cents at USD 46.69 a barrel. 

"This morning's trading is not representative of fundamentals, but instead a digestion of yesterday's moves," said the broker.

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