Gold prices eased on Friday, heading for a third straight weekly fall, as positive US retail sales data and hopes for a thaw in China-US trade tensions lifted equities and yields to multi-week highs.
The Australian share market has closed slightly higher, rising for a third straight day following positive US-China trade developments overnight and the resumption of quantitative easing in Europe.
Oil prices have fallen about 1.0 per cent after a media report cast doubt on the possibility of an interim US-China trade deal and as a meeting of the OPEC alliance yielded no decision on deepening crude supply cuts.
Palladium prices have hit an all-time high on concerns over tight supplies of the autocatalyst metal due to possible labour issues in South African mines, while gold shed earlier gains on fresh hints of progress in the US-China trade dispute.
Oil prices have tumbled more than 2.0 per cent after a report that US President Donald Trump weighed easing sanctions on Iran, which could boost global crude supply at a time of lingering worries about global energy demand.
Gold has risen on expectations of monetary policy easing by top central banks while global growth risks continue to linger, although improved appetite for riskier assets capped bullion's gains and kept it near a four-week low.
Oil prices edged lower overnight after US President Donald Trump fired national security adviser John Bolton, who took a strident stance against Iran, raising speculation of a return of Iranian crude exports to the market.
Oil prices rose about 2.0 per cent on Monday after the new Saudi energy minister, Prince Abdulaziz bin Salman, confirmed expectations that he would stick with his country's policy of limiting crude output to support prices.
Gold has fallen to a more than two-week low, briefly breaking below the key $US1,500 support, as renewed risk appetite and gaining US yields outweighed support for bullion from expectations for interest rate reductions by top central banks.
Oil prices have risen above $US61 a barrel after the head of the US Federal Reserve said the central bank will act "as appropriate" to sustain an economic expansion in the world's biggest economy that has been pressured by uncertainty over global trade.
Gold has fallen one per cent as upbeat remarks from Federal Reserve Chair Jerome Powell and improved risk appetite offset a weaker-than-expected US nonfarm payrolls report.
Australian shares have gained for a second day on the back of optimism that trade tensions could be easing, with tech stocks the standout performers as investors regain their appetite for risk.
Oil prices are little changed as support from a sharp drawdown in US crude inventories was countered by fears of slowing global demand growth amid doubts over resolving the US-China trade feud.
Gold has slumped more than 2.0 per cent and silver fell over 4.0 per cent as stronger-than-expected US economic data and hopes of a thaw in the US-China trade war boosted Treasury yields and soothed fears of an economic slowdown, driving riskier assets higher.
Oil prices have risen by more than 4.0 per cent, boosted by a wider market pickup on positive news from China, after three days of losses due to fears about a weakening global economy.
