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Oil prices jumped nearly four per cent after the United States and China agreed to a 90-day truce in a trade dispute and Canada's Alberta province ordered a production cut, while exporter group OPEC looked set to reduce supply.
Gold gained one per cent overnight, hitting its highest in more than three weeks, boosted by a sell-off in the dollar after the United States and China called a truce on fresh trade tariffs for 90 days.
Wall Street has risen as investors hope for progress on trade in a critical US-China meeting over the weekend, and the S&P 500 and the Nasdaq posted their biggest weekly percentage gains in nearly seven years.
Oil prices edged lower due to concerns of oversupply and a strong dollar but losses were limited by expectations that the Organisation of the Petroleum Exporting Countries and Russia would agree some form of production cut next week.
The Australian share market suffered significant losses across the board, with consumer and banking stocks weighing the heaviest as world leaders descend on Argentina for critical trade discussions at the G20 summit.
The Australian share market burst out of the gates after a strong lead from Wall Street and held onto most of its gains by the close, buoyed by the banking sector and mining stocks on higher commodity prices.
Gold prices have risen by as much as one per cent from two-week lows as the US dollar tumbled after Federal Reserve Chairman Jerome Powell indicated that interest rates were near normal, soothing investor worries over the pace of rate hikes.
The S&P 500 and the Dow Jones Industrial Average have edged higher after White House economic adviser Larry Kudlow said an upcoming meeting between US President Donald Trump and his Chinese counterpart is an opportunity to "turn the page" on a trade war.
Gold fell overnight to its lowest in more than a week, as the dollar rallied after comments from US Federal Reserve Vice Chair Richard Clarida bolstered expectations that the central bank would continue raising interest rates.
Oil prices have risen about three per cent, clawing back some of the previous session's steep losses, although gains where capped by uncertainty over global economic growth and further signs of increasing supply, including record Saudi production.