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Oil prices traded lower on concerns over the global oil oversupply and ahead of the release of U.S. crude oil inventories data. The American Petroleum Institute (API) is scheduled to release its U.S. oil inventories data later in the day, and U.S. oil inventories data from the U.S. Energy Information Administration is expected on Wednesday.

Market participants are awaiting the meeting between the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC countries in Vienna tomorrow. Oil production cuts could be discussed at this meeting. But it is unlikely that concrete results will be achieved at this meeting.

WTI crude oil for November delivery declined to $45.85 a barrel on the New York Mercantile Exchange.

Brent crude oil for November decreased to $48.57 a barrel on ICE Futures Europe.

Gold price rose on a weaker U.S. dollar. The U.S. dollar remained under pressure on the uncertainty over the Fed's interest rate hike also weighed on gold price. San Francisco Fed President John Williams said in an interview with Bloomberg Television on Monday that the timing of the interest rate hike by the Fed is nearing.

"I do see the time to start raising rates in the near future, from my perspective," he said.

Williams noted that the U.S. economy continues to strengthen.

The U.S. Commerce Department released the housing market data on Tuesday. Housing starts in the U.S. climbed 6.5% to 1.206 million annualized rate in September from a 1,132 million pace in August, exceeding expectations for an increase to 1.150 million.

The increase was driven by rises in starts of single-family and multifamily homes.

Housing market benefits from the strengthening of the labour market.

December futures for gold on the COMEX today rose to 1177.10 dollars per ounce.

The U.S. Commerce Department released the housing market data on Tuesday. Housing starts in the U.S. climbed 6.5% to 1.206 million annualized rate in September from a 1,132 million pace in August, exceeding expectations for an increase to 1.150 million.

August's figure was revised up from 1.126 million units.

The increase was driven by rises in starts of single-family and multifamily homes.

Housing market benefits from the strengthening of the labour market.

Building permits in the U.S. declined 5.0% to 1.103 million annualized rate in September from a 1.161 million pace in August.

Analysts had expected building permits to climb to 1.164 million units.

Starts of single-family homes increased 0.3% in September. Building permits for single-family homes were down 0.3%.

Starts of multifamily buildings jumped 18.3% in September. Permits for multi-family housing slid 12.1%.

Ratings agency Moody's Investors Service lowered its forecasts for the both Brent crude and WTI crude prices as oil oversupply is expected to persist. The agency expect Brent crude to be $53 per barrel in 2016, down from its previous estimate of $57, while WTI is expected to be $48 per barrel, down from $52.

Both oil prices are expected to rise by $7 per barrel in 2017, down $5 per barrel from its previous estimate.

West Texas Intermediate futures for November delivery, which expires today, climbed to $46.38 (+0.22%), while Brent crude slightly rebounded to $48.69 (+0.16%) ahead of data on U.S. crude inventories. Nevertheless fundamentals including global oversupply and economic slowdown in China (world's second-biggest consumer of oil) remain unfavorable.

Some analysts say that today's gains in oil prices come after the market overreacted to Chinese GDP data (6.9% y/y in Q3 vs the 7% target) yesterday. On Wednesday the Energy Information Administration will publish data on U.S. crude inventories in the week ending October 16. Analysts expect to see a build-up.

Gold fell to $1,171.40 (-0.12%) amid speculation that the Federal Reserve can still raise rates by the end of this year. Last week bullion rose to a 3-1/2-month high as investors thought that weakness of the global economy will prevent the central bank of the U.S. from raising rates. However recent upbeat data on the U.S. economy raised the question of a probability of a rate hike one more time.

Investors are also waiting for London Bullion Market Association's gold price forecast.