Gold prices fell on Monday as demand decreased following reports that Saudi Arabia agreed to a ceasefire in Yemen.
Gold futures for December delivery dropped by 0.5% to $1,498.35 per ounce on the Comex division.
Moreover, it has been reported that the U.S. plans to restraint Chinese activity on Wall Street limited losses in the price of gold.
Similarly, the U.S. government is also considering to remove Chinese companies from their local
exchanges and stock indexes that are managed by American firms.
An unexpected decline in Japan's industrial production
Industrial production in Japan has declined more than expected in August; thus increasing pressure on the Japanese economy.
However, other government statistics revealed that retail sales have grown at a faster pace than expected.
Industrial production declined by 1.2% in August on a monthly basis.
This slowdown is largely attributed to a drop in the production of metal products and automobiles.
The Ministry of Economy, Trade and Industry is expecting the figures to rise by 1.9% in September.
Japan's economy has so far held up well in the face of slowing external demand and has grown more than expected in the second quarter, boosted by strong private consumption and investment.
Japanese exports declined in August for the ninth consecutive month as a result of US-China trade conflicts.
Statistics released separately on Monday show that domestic demand could be stronger than expected, with retail sales rising 2.0% in August on an annual basis.
Oil Prices Gain
Oil prices rose on Monday following positive data from China eased demand concerns.
Therefore, that pushed U.S. Crude Oil WTI Futures up by 0.2% to $55.98 and International Brent Oil Futures up by 0.1% to $61.09.
China's September PMI Indexes are higher than expected according to official data.
The better-than-expected data eased concerns about demand at the world's biggest oil importer and sent prices higher.
Oil prices started to gain after Iranian President Hassan Rouhani revealed that the U.S. President, Donald Trump may lift all sanctions on Iran in return for talks.
However, Donald Trump denied those claims.