Spot gold dipped 1% to $1,770.56 per ounce by 1337 GMT, and was down 5.7% so far this month. The metal also hit its lowest level since July 2 at $1,764.29 earlier in the session.
Brent crude for January delivery, a contract that expires on Monday, dropped 90 cents, or 1.9%, to $47.28 a barrel by 0944 GMT. The more actively traded February Brent contract was down 89 cents at $47.36.
OPEC+ had been due to ease existing production cuts by 2 million barrels per day (bpd) from January 2021, but a second coronavirus wave has reduced demand for fuel around the world, prompting a rethink among members of the group.
Silver prices also declined Rs 701 to Rs 57,808 per kilogram from Rs 58,509 per kilogram in the previous trade.
It expects the winter wave to hit global oil demand by at least 3 million barrels per day, partially offset by heating, restocking and demand in emerging markets.
The group has to reach agreement among its member countries and the additional members in the group known as OPEC Plus, which is led by Russia. Members of the OPEC Plus group will meet Tuesday.
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Gold is down 5.9% so far this month, its biggest monthly decline since November 2016.
U.S. West Texas Intermediate crude futures for January fell 40 cents, or 0.9%, to $45.13 a barrel.
Gold prices still respond to desolation and crisis in world markets. Any uncertainty in asset prices and the future, gold prices move up. However, beyond being the asset for distress, gold has nothing to claim for itself.
Member states want to avoid a repeat of the collapse in prices seen in April.
Spot gold slid 1.4% to $1,785.11 per ounce by 11:43 a.m EDT (1643 GMT), earlier falling to its lowest since July 6 at $1,773.10 an ounce.
OPEC+ is debating whether to ease oil output cuts from Jan. 1, as it previously agreed, or to continue producing at the same rate amid sluggish oil demand and the fallout from the coronavirus pandemic.
Brent crude for January rose 19 cents, or 0.4%, to $47.99 a barrel by 1443 GMT and the more active February contract gained 25 cents to $48.04.
"A break below $1,800 an ounce could well see further losses towards $1,760 as positive sentiment around a possible vaccine continues to weigh on demand for the traditional safe haven asset," said Michael Hewson, chief market analyst at CMC Markets UK.
The demand is likely to see a rebound in the second half of this financial year after a poor performance in the first two quarters, ratings agency Icra said.
Paras Budhiraja, MD, Paras Spices said that currently buyers were making limited purchases, unlike previous years when they bought inventories for six to eight months or for the entire year.