Gold steadied on Friday after its first weekly decline in nearly three months, with bullion investors keeping an eye on any statements from the G20 meeting.
Gold was more than 3 per cent lower last week, after China's surprised rate rise sent the dollar up 0.7 per cent since Monday.
On Friday, spot gold was up 0.3 per cent at $1,327.65 an ounce, having earlier fallen to a 2-1/2 low at $1,315.09. US gold futures for December delivery settled down 50 cents at $1,325.10.
Gold is now around 4.5 percent below the record high struck at $1,387.10 an ounce on Oct. 14 after the U.S. dollar rose last week for the first time in five weeks.
Although significant action is not widely anticipated, traders are awaiting a forthcoming Fed policy meeting that could result in further quantitative easing.
Good physical demand from traditional bullion-buying centres such as India is strengthening as prices descend.
Dealers in India reported they were continuing to stock up for forthcoming festivals, including the Hindu festival of Diwali, a major gold-buying events, as prices corrected this week.
Copper ended higher on Friday, but snapped a streak of five consecutive weekly gains, as momentum stalled as the dollar steadied and investors sided with caution ahead of the Group of 20 meeting in South Korea.
Copper for December delivery on the COMEX metals division in New York closed marginally up 1.55 cents at $US3.7970 per lb.
Earlier this week, the benchmark December contract rallied to fresh 27-month peak at $US3.88.
On the London Metal Exchange, benchmark copper closed up $US28 at $US8,335 a tonne. On Tuesday, it touched its highest level since July 2008, at $US8,492.
Copper, oil and other growth-linked commodities may benefit this week from the G20's hardened stance towards exchange rates, but anticipation of more U.S. policy easing is likely to remain in the spotlight.
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