Domestic copper and gold futures are set to open higher following the rally in international prices over the week-long Chinese New Year holiday.

The three-month copper contract on the London Metal Exchange (LME) closed at $8,570 per ton Friday, down a fraction of a percent on the day.

The contract was down about 0.7 percent from the previous session's closing price due to underwhelming GDP data out of the US Friday, according to a report by Reuters.

Still, the three-month contract has gained about 2.8 percent since the Chinese markets closed on January 20, so the March contract on the Shanghai Futures Exchange should jump by at least 2 percent this morning.

Meanwhile, the rise of international gold prices should also pull up domestic gold futures. Comex gold for February delivery settled 0.3 percent higher Friday, aided by the same mediocre GDP numbers.

The US economy grew at an annual rate of 2.8 percent in 2011, though the figure came in below the forecasts of many economists, according to a Reuters report.

Still, the contract rose by almost 4 percent over the Chinese holiday.

Gold's rally began Wednesday after the US Federal Reserve announced it would keep short-term interest rates near zero until at least 2014, boosting the metal's appeal as an inflation hedge.

That announcement also helped push down the value of the US dollar, which also helped commodity prices over the last week.

Since January 19 the US Dollar Index, which measures the value of the dollar against a basket of currencies, has fallen by 2.1 percent.

A weaker dollar makes commodities cheaper for holders of other currencies.