Gold prices fell on Tuesday, to head for the fourth straight loss, giving up the $1,800 barrier, and hit a 3-week low weighed down by the strong US dollar after Jerome Powell was nominated for a second term as Federal Reserve Chairman.

Gold prices fell 0.75% to the lowest since November 5 at $1,792.63, after opening at $1,806.22, and hit a day high at $1,812.41.

Gold closed lower by 2.25% yesterday, posting its third straight daily loss and the largest daily loss since September 16.

The White House has formally nominated Jerome Powell to serve as the chairman of the Federal Reserve for a second term ending in 2026, and also Lael Brainard to serve as the Fed’s vice chair.

The dollar index rose over 0.1% today, and hit a 16-month high of 96.60 points.

Gold stocks at the SPDR ETF rose 5.53 metric tonnes yesterday, with the total at the highest level since September 24 of 990.53 metric tonnes.

Oil prices fell on Tuesday, resuming losses after yesterday's recovery attempts from an 8-week low, after news that the US, China, Japan and India are planning to tap their fuel reserves to reduce energy prices.

US crude fell 1.3% to $75.44 a barrel, after opening at $76.44, and hit a high at $76.57, and Brent crude fell more than 1.1% to $78.62 a barrel, after opening at $79.51, and hit a high at $79.61.

US crude gained 1.1% yesterday after hitting an 8-week low at $74.79, and Brent crude rose 1.3% after hitting the lowest since October 1st at $77.62.

A source in the US administration said that the US is expected to announce today its decision to tap its strategic stockpile, within a plan with major Asian countries.

The OPEC Plus alliance is also expected to adjust its oil output policy if the large consuming countries continued with this plan.

This comes as the global demand may receive a new shock due to a fourth wave of the coronavirus infections in Europe.

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.

USD/JPY tilted higher in Asian trade to March 2017 highs amid a lack of data from Japan and a bank holiday over there, and ahead of US data later today.

As of 05:50 GMT, USD/JPY rose 0.20% to 115.10, with a 4-1/5 year high at 115.14, and a session-low at 114.74.

Investors await US services and manufacturing data, with the manufacturing PMI expected up to 59.3 from 58.4 in October, while the services PMI is expected up to 59.1 from 58.7.

US Richmond manufacturing index is expected down to 10 in November, while US President Joe Biden nominated Fed Chair Jerome Powell for a second term at the helm of the Federal Reserve. 

The US dollar rose against most currencies on Monday, after the White House decision to nominate Jerome Powell as Federal Reserve Chairman.

US President Joe Biden has formally nominated Jerome Powell to serve as the chairman of the Federal Reserve for a second term, and also Lael Brainard to serve as the Fed’s vice chair.

Biden renewed confidence in Powell's steady leadership in times of crisis, which comes amid rising inflation in the US.

Recent data showed that the US inflation rate jumped to the highest level since 1990 at 6.2% in October.

Austrian government announced a $4,000 fine for those refusing to take the coronavirus vaccine starting in February.

The dollar index rose against a basket of major currencies by 0.5% to 96.5 points as of 19:49 GMT, after hitting a high of 96.5 points and a low of 96.04 points.