Gold prices initially advanced after falling sharply the previous day, but then declined further after China raised interest rates for the first time since 2007. Base metal prices also witnessed selling pressure due to the Chinese rate hike. Crude oil futures rebounded slightly after their biggest one-day drop in eight months, though inventory levels in the US increased, offsetting the impact of China's monetary policy tightening. Markets are awaiting Chinese economic data and US inventory reports to gauge the effects on commodity demand and prices.