Gold was among the least bruised by Monday's selloff, dropping half a percent versus a 6 percent slide in Brent crude and a 2 percent decline in copper.
US commercial crude oil stocks were forecast to have risen by 3 million barrels last week
Gold buyers in Asia were in no hurry, anticipating the market to weaken further, with premiums in India and Hong Kong picking up only modestly this week
Oil prices were poised for a third day of gains following a rise of more than 4 percent last week after Islamic militants seized much of northern Iraq as Baghdad's forces there collapsed.
Oil has slumped from above $115 in June 2014 as shale oil from the United States has flooded the market
The upcoming general elections will be the focus and the economy and market performance will pivot around that event. The general consensus is that the India stock market should be up around 10 per cent by the end of the year.
Oil price have started rising as President Barack Obama's efforts to win backing for a military strike against Syria cleared its first hurdle.
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