Oil prices fell more than one per cent overnight as US-China trade tensions continued to threaten demand for crude and as major producers Saudi Arabia and Russia had yet to agree on extending an output-cutting deal.
Gold prices dropped more than one per cent overnight, slipping from a 14-month peak, after US President Donald Trump's decision not to impose trade tariffs on Mexico spurred risk sentiment and lifted the US dollar from recent lows.
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.
