Brent futures were down 58 cents at $81.50 a barrel at 1444 GMT, while U.S. West Texas Intermediate (WTI) slipped 93 cents, or 1.2%, to $77.08.
Silver jumped Rs 400 to Rs 75,400 per kg from its previous close of Rs 75,000 per kg.
Moreover, the government has also raised the import duty for spent catalysts that contain precious metals. The new duty rate is 14.35%.
Spot silver rose 0.5% to $22.86 per ounce, platinum gained 0.3% to $917.82, and palladium climbed 0.3% to $990.98.
Brent crude fell by $1.57, or 2%, to $79.01 a barrel by 11:23 a.m. EDT, after earlier rising over $1. U.S. West Texas Intermediate crude futures fell $1.47, or 2%, to $73.57.
The latest price hike takes the price to Rs 56.28 per litre, higher than the previous season's Rs 49.41 per litre announced last year.
Traders are now pricing in an 83% chance of a Fed rate cut by March, according to the CME FedWatch tool. Lower interest rates decrease the opportunity cost of holding non-yielding bullion.
Brent crude futures were up $1.46, or 2%, at $75.51 a barrel at 1431 GMT, while U.S. West Texas Intermediate crude futures were up $1.33, or 1.9%, to $70.67 a barrel. Brent had earlier risen by $2.
Spot gold fell 1% to $2,008.79 per ounce by 9:55 a.m. ET (1455 GMT), and was down nearly 1% for the week so far. U.S. gold futures also lost 1% at $2,025.10.
The meeting was delayed from Nov. 26. OPEC+ sources said this was because of a disagreement over output levels for African producers, although sources have since said the group has moved closer to a compromise on this point.
Brent crude futures were down $1.40, or about 1.7%, at $80.56 a barrel by 1434 GMT after falling as much as 4% on Wednesday.
Gold is down nearly 1% for the week so far, moving away from the key $2,000 mark hit last month on escalating tensions in the Middle East.
In India, this week, dealers offered a discount of up to $9 an ounce over official domestic prices -inclusive of the 15% import and 3% sales levies, up from last week’s discount of $5.
Brent crude futures rose $1.03, or 1.22%, to $85.66 a barrel by 1149 GMT, while U.S. West Texas Intermediate crude futures gained $1.02, or 1.27%, to $81.46 a barrel.
Spot gold was down 0.6% at $1,993.71 per ounce by 0936 GMT. U.S. gold futures rose 0.3% to $2,003.50.
Brent crude futures for December rose 93 cents or roughly 1.1%, to $88.86 a barrel by 1254 GMT.
The NSE Nifty 50 index closed 0.71% lower at 19,671.10, while the S&P BSE Sensex fell 0.83% to 65,877.02.
Brent futures were down 4 cents, or 0.04%, at $90.85 a barrel at 1120 GMT. U.S. West Texas Intermediate (WTI) crude rose by 12 cents, or 0.14%, to $87.81 a barrel.
Spot gold rose nearly 1% to $1,886.40 per ounce by 0932 GMT. U.S. gold futures added 0.9% to $1,899.20.
Israel pounded the Palestinian enclave of Gaza on Sunday, killing hundreds of people in retaliation for one of the bloodiest attacks in its history when gunmen from Hamas rampaged through Israeli towns on Saturday.
Brent crude was up $2.28, or 2.7%, to $86.86 a barrel by 0859 GMT, while U.S. West Texas Intermediate crude was at $85.23 a barrel, up $2.44 or nearly 3%. Both benchmarks spiked by more than $4 a barrel earlier in the session.
Spot gold rose 0.6% to $1,876.45 per ounce by 9:26 a.m. EDT (1326 GMT). U.S. gold futures gained 0.8% to $1,893.50.
Brent crude futures were up 17 cents, or 0.18%, at $93.44 a barrel by 1133 GMT after settling 3 cents lower on Friday.
Spot gold was up 0.3% at $1,925.50 per ounce, as of 1152 GMT, following three sessions of losses. U.S. gold futures rose 0.4% to $1,946.20.
Brent futures were up 52 cents, or 0.56%, at $93.82 a barrel by 0933 GMT, while U.S. West Texas Intermediate crude (WTI) futures rose by 73 cents, or 0.81%, to $90.36 a barrel.