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Gold has fallen nearly one per cent, sliding from a two-month peak as investors take stock of US President Donald Trump's first policy moves and the US dollar stabilises after plumbing seven-week lows.
The Australian dollar is virtually unchanged against its US counterpart which has fallen to a seven-week low against a basket of key world currencies amid investor concerns over protectionist rhetoric by US President Donald Trump.
Oil prices have risen more than two per cent on expectations that this weekend's meeting of the world's top oil producers will demonstrate compliance to a global output cut deal, but rising US drilling activity have limited gains.
Oil and gas producer Santos has topped its guidance for 2016 with a 7 per cent rise in production and a 31 per cent jump in sales, boosted by the ramp-up of its Gladstone liquefied natural gas plant in Queensland.
Oil prices edged higher on Thursday, but swelling US crude stockpiles limited the rebound from a one-week low after the International Energy Agency said oil markets had been tightening even before cuts agreed by OPEC and other producers took effect.
Gold steadied on Thursday, giving up earlier losses as the US dollar and US bond yields pared gains, following earlier pressure from strong US economic data and support from Federal Reserve Chair Janet Yellen for higher US interest rates.
The Australian share market gave away most of its early gains but still finished slightly higher as weakness from most of the big banks countered support from an upbeat outlook on the US economy and a profit upgrade from market heavyweight CSL.