Gold prices steadied on Friday, on course for their best week in over three years, as interest rate cut-inclined central banks, escalating US-China trade tensions and negative debt yields around the globe kept prices close to $US1,500 per ounce.
Oil prices rose more than $US1 a barrel on Friday, supported by a drop in European inventories and OPEC output cuts despite the International Energy Agency reporting demand growth at its lowest since the financial crisis of 2008.
Oil jumped more than two per cent overnight on expectations that falling prices could lead to production cuts, coupled with a steadying of the yuan currency after a week of turmoil spurred by an escalation in US-China trade tensions.
Oil prices tumbled nearly five per cent overnight after an unexpected build in US crude stockpiles and on fears of slowing demand but halved their losses in post-settlement trade on talk that Saudi Arabia was mulling options to halt crude's descent.
Gold soared more than two per cent overnight to breach the $US1,500 ceiling for the first time in more than six years as investors rushed to safe havens, spooked by a host of uncertainties including US-China trade and a slowing global economy.