Oil prices jumped more than two per cent overnight, reversing course after falling to near five-month lows in the previous session following a report that the United States could postpone tariffs on Mexico.
Gold prices rose overnight as fears about the impact of trade wars on the global economy and rising expectations for a US interest rate cut enhanced the metal's appeal.
Oil prices fell overnight, with West Texas Intermediate crude futures (WTI) dropping to its lowest since January after US crude inventories unexpectedly surged, adding to concerns about slowing global growth.
Gold prices pared earlier gains overnight, having jumped to their highest in 15 weeks as nagging fears about global trade and expectations of a US interest rate cut encouraged investors to flock toward bullion.
Oil prices ended as much as one per cent higher overnight after a global stock market rally pulled Brent crude from a four-month low touched earlier in the session.
Gold climbed more than 1.5 per cent overnight to its highest level in more than three months on concerns that US-Chinese trade tensions and the US threat of tariffs on Mexico would hurt the global economy.
Oil fell overnight as US trade disputes with Mexico and China deepened concerns about weakening global crude demand, while a slump in equities also weighed on crude futures.
Oil prices fell almost four per cent overnight to their lowest in about two months on a smaller-than-expected decline in US crude inventories and fears of a global economic slowdown due to the US-China trade conflict.
Gold shook off headwinds from a stronger US dollar to scale a near two-week peak overnight as data pointed to easing inflationary pressure in the United States, boosting expectations of a further interest rate cut by the Federal Reserve.
Oil prices have fallen in volatile trade overnight and were weighed down by equity markets as China signalled readiness to escalate the trade war with the United States, stoking concerns that an ongoing stand-off could hurt demand.
Gold prices rose alongside other safe-haven assets overnight as the trade rift between the United States and China showed no sign of cooling, with investors fearing a global economic slowdown.
