Gold has risen to the highest in seven months on a slump in the US dollar to a seven-month low and on safe-haven demand driven by a rift in the Middle East, an upcoming European Central Bank meeting and the British election.
The Reserve Bank of Australia has held its benchmark interest rate at 1.5 per cent as expected, while indicating it believes east coast housing markets may be starting to cool.
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Oil prices have fallen nearly one per cent on concerns that the cutting of ties with Qatar by top crude exporter Saudi Arabia and other Arab states could hamper a global deal to reduce oil production.
Gold prices have steadied after rising to a fresh six-week high as disappointing jobs data dims the prospects for aggressive US interest rate increases, even though it is unlikely to deter a rate rise at June's Federal Reserve policy meeting.
Australian shares have ended the week on a high note, posting their best day since March as strong overseas markets added a tailwind and traders bought back into banks and miners.
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Gold prices have eased as the US dollar has rallied after a report showed that the US economy created more private-sector jobs than expected in May, further strengthening expectations for a June interest rate.
The Australian share market has slipped in early trade, following a benign lead from Wall street, with investors waiting on the sidelines for a clear signal about the direction.
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Gold prices have risen as the US dollar has dipped and simmering geopolitical tensions lent support, though the metal was little changed for the month amid an increased chance of a US interest rate rise in June.
Oil prices have sunk three per cent to a three-week low as an increase in Libyan output helped boost monthly OPEC crude production for the first time this year.
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US stocks have inched lower, with the S&P 500 retreating slightly from a record, as weakness in the energy and financial sectors outweighed gains in technology shares.
Oil prices fell about one per cent on signs of resurgent crude output in Libya and concerns that extended production cuts by leading exporting countries may not be enough to drain a global glut that has depressed prices for almost three years.
Gold prices eased after hitting a one month high on Tuesday as economic data from the United States showed increased signs that the Federal Reserve would raise interest rates next month.
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The Australian dollar is higher against its US counterpart which also had ranged sideways with little data to direct it and traders in the US and Britain away for public holidays.
Oil prices have risen slightly, barely paring last week's steep losses with the market remaining cautious as increases in US drilling activity have undercut an OPEC-led push to tighten supply.
