Silver prices fell on Monday, to head for the third straight loss, and hit a 2-week low as the US dollar rose against its peers.

Silver prices fell 0.5% to the lowest since November 10 at $24.50, after opening at $24.61, and hit a day high at $24.88.

Silver closed lower by 0.7% on Friday, posting its second straight daily loss as most dollar-denominated metals prices fell.

Silver prices lost around 2.75% last week, the first weekly loss in 3 weeks, due to profit-taking from a 3-month high of $25.38 an ounce.

The dollar index rose more than 0.1% on Monday, extending gains for the second straight day, and hit a 16-week high at 96.24 points.

The greenback is rising thanks to growing odds that the Federal Reserve is near raising US interest rates, in addition to strong demand due to fears over the coronavirus outbreak in Europe again.

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.