Oil prices dropped on Thursday on expectations that OPEC members will increase production in the face of worries over supply from both Venezuela and Iran.
The dollar lost momentum on Thursday following minutes of the Federal Reserve's last policy meeting and the threat by U.S. President Donald Trump of imposing new tariffs on imported cars.
Gold prices rose for a second session on Thursday as the dollar extended losses after minutes of the latest Federal Reserve meeting hinted at a dovish approach to interest rate hikes in the United States.
Federal Reserve officials at their meeting earlier this month signaled they were likely to raise their benchmark short-term interest rate at their June meeting, and they debated how to characterize an evolving policy strategy that soon would no longer try to stimulate economic growth.
U.S. stocks rallied in late trade to finish higher on Wednesday, after the minutes from the Federal Reserve's May 2 meeting confirmed that policymakers support a June rate hike and are maintaining a calm attitude about the inflation outlook. Stocks were under pressure earlier as geopolitical and trade concerns continued to dent investor sentiment.