Gold fell for a third straight session on Wednesday on pressure from the U.S. dollar's gains for much of the session and amid speculation that the next chair of the Federal Reserve could be a policy hawk.
Oil prices settled slightly higher on Wednesday, with Brent touching three-week highs and then retreating after a surprising drop in U.S. refining rates and an unexpected build in fuel stocks signaled slower demand in the world's top oil consumer.
Oil prices ended little changed on Tuesday, steadying after earlier gains and losses, as expectations of high US production and exports offset concerns that fighting between Iraqi and Kurdish forces could threaten the country's crude output.
Gold has turned lower, pressured by profit-taking after extending gains above the $US1,300 mark to a three-week high amid ongoing tensions over Iran and North Korea as well as recent weak US economic data.
Crude prices have risen one per cent as Iraqi forces entered the oil-rich city of Kirkuk, seizing territory from Kurdish fighters and briefly cutting some crude output from OPEC's second-largest producer.