Gold prices fell on Monday, to head for the third straight loss, and a 2-week low as the safe-haven demand slowed, while fears over the global inflation rate eased after the recent drop in oil prices.

Gold prices fell 0.5% to the lowest since November 10 at $1,837.29, after opening at $1,846.41, and hit a day high at $1,849.07.

Gold closed lower by 0.4% on Friday, posting its second straight daily loss due to rising dollar.

Gold prices lost around 1.0% last week, the first weekly loss in 3 weeks, due to profit-taking from a 5-month high of $1,877.12 an ounce.

Oil prices fell on Monday to an 8-week low, after news that the US has asked major oil consumers including China and Japan to consider releasing crude stockpiles.

Gold stocks at the SPDR ETF rose 8.13 metric tonnes on Friday, in the largest daily increase since June 18, with the total at the highest level since October 8 of 985.00 metric tonnes.

Oil prices rose on Monday, within recovery attempts from an 8-week low hit earlier, amid strong purchases at low prices, but the global oil prices remain weighed down by fears of the spread of the coronavirus in Europe, as several countries are planning to tap the strategic oil reserves.

US crude rose 1.4% to $76.67 a barrel, after opening at $75.64, and hit a low and the lowest since October 1st at $74.79, and Brent crude rose more than 1.4% to $79.62 a barrel, after opening at $78.52, and hit a low and the lowest since October 1st at $77.62.

US crude gained 0.3% on Friday, and Brent crude fell 1.1% after rising 0.6% on Thursday.

The US crude lost 4.1% on Friday, and Brent fell 3.5%, the largest daily loss since July 19, due to renewed concerns over fuel demand in Europe.

Oil prices lost around 5.5% last week, the fourth straight weekly loss, and the largest weekly loss since August.

Reuters reported that the US has asked major oil consumers including China and Japan to consider releasing crude stockpiles in a coordinated effort to lower global energy prices.

Austria has become the first European country to re-impose a complete lockdown to curb the spread of the Covid-19 virus, which has renewed fears over the pandemic, and threatens to slowdown the economic recovery and fuel demand.

Europe's largest economy, Germany, has warned that it may need a full national lockdown to limit the spread of the fourth Covid-19 wave.

The Japanese Prime Minister Fumio Kishida hinted on Saturday that he was ready to help in combating rising oil prices after a request from the US to release oil from its strategic oil reserves.

USD/JPY tilted higher in Asian trade away from November 10 lows for another session, amid a lack of data this week from Japan and ahead of some US data.

As of 06:17 GMT, USD/JPY rose 0.21% to 114.15, away from a session-low at 113.91, with an intraday high at 114.21.

From the US, existing home sales are expected down 1.5% to 6.20 million, compared to a 7% increase to 6.29 million units in the September reading.

The dollar rose against its major peers on Friday, amid growing concerns over the Covid-19 pandemic and the rising inflation rate.

Many countries re-imposed lockdown restrictions and precautionary measures to contain the coronavirus.

Austria has announced re-imposing a complete lockdown to curb the spread of the Covid-19 virus, and Germany has taken more stringent measures against unvaccinated citizens.

Federal Reserve member Christopher Waller stated that he is favoring a faster pace of tapering and a more rapid removal of accommodation in 2022.

This came in light of the rising US inflation rate, the rapid improvement in the labor market and the decline of the unemployment rate.

The dollar index rose against a basket of major currencies by 0.5% to 96.01 points as of 20:48 GMT, after hitting a high of 96.2 points and a low of 95.5 points.