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Gold

* Gold prices rose on Thursday after data showing the U.S. economy grew at its slowest pace in more than a year boosted demand for the safe-haven metal and weakened the dollar

* Data showed U.S. gross domestic product increased at a 2.0% annualized rate last quarter, as Covid-19 infections flared up, further straining global supply chains and causing shortages of goods such as automobiles. The dollar index fell 0.7% against a basket of currencies, making gold cheaper to overseas buyers

* The European Central Bank left its policy unchanged, as widely expected, on Thursday

* Gold and silver prices are expected to trade with mixed bias as markets are now focused on the U.S. Federal Reserve’s meeting on Nov. 2-3, which would be more crucial for gold after chief Jerome Powell’s recent comments on tapering asset purchases.

Aluminium

* Aluminium rebounded from two-month lows on Thursday as traders refocused on the impact that power restrictions in China will have on energy-intensive smelters producing the metal. Prices plunged earlier after China’s state planner said it would step in to cool soaring prices for coal, which powers aluminum smelters, during a severe power crunch

* Aluminium output in China, the world’s top producer, declined for a fifth consecutive month in September. On-warrant inventories of aluminium available to the market in LME-registered warehouses eased to 625,350 tonnes, near its lowest since 2018

* Base Metal prices are expected to trade with mixed bias as mine supply ramps up and economic growth tapers in top market China. However, decades low inventories in top exchange warehouses are still raising concerns about readily available metals for use to fulfill near term demand

Oil

* Oil prices fell about 1% to their lowest in two weeks on Thursday after Iran said talks with world powers on its nuclear programme would resume by the end of November and on rising U.S. crude inventories

* Iran's top nuclear negotiator Ali Bagheri Kani on Wednesday said the country's talks with six world powers to try to revive a 2015 nuclear deal will resume by the end of November

* U.S. natural gas futures fell about 6% on Thursday, erasing the prior session’s gains, on rising output, lower demand forecasts, and a drop in global gas prices after Russia said it would send more fuel to Europe for the winter heating season

* Crude oil prices are expected to remain subdued as a deal with Iran could pave the way to lifting harsh sanctions imposed on Iran's oil exports

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