Gold surged to a nine-year peak overnight as an escalation in US-China tensions stoked demand for safety, while silver followed bullion's rally to hit a near seven-year high on hopes for a recovery in industrial demand.
Gold soared to a nine-year peak overnight, boosted by a dollar sell-off and expectations for increased stimulus to aid the recovery of pandemic-hit economies, while silver dashed past the $US20 threshold to an over six-year high.
Oil prices were little changed overnight as coronavirus cases increased in many countries, though a flurry of announcements about a potential COVID-19 vaccine and ongoing talks over a European Union fund to revive economies hit by the pandemic curbed losses.
Gold prices jumped to their highest level since September 2011, and silver hit a near four-year peak as a spike in COVID-19 infections and hopes for increased stimulus measures supported safe-haven demand.
Gold jumped on Friday, poised for its sixth consecutive weekly gain, as a record-breaking rise in coronavirus infections in the United States fuelled uncertainly about an economic recovery, while a weaker greenback also added support.