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Oil prices inched up on Monday in anticipation of tighter crude supply going into 2017 following the decision by OPEC and other producers to cut output to prop up prices.
Spot gold slipped 0.1 percent to USD 1,337.55 an ounce at 0502 GMT. The metal hit a two-week low on Monday.
Spot gold eased 0.2 percent to USD 1,112.06 an ounce by 0653 GMT, after earlier dropping to USD 1,111.45, its lowest since Sept. 16.
Crude oil prices fell on Tuesday as traders took profit following a 4 percent bounce in the previous session as conflicting market signals tore at prices.
Front-month Brent LCOc1, the global oil benchmark, had gained USD 1.10 to USD 44.24 a barrel by 0300 GMT (11.00 p.m. EDT), having ended down 7 cents at USD 43.14 on Wednesday.
Asian stocks resumed their slides on Tuesday, with China's and Japan's major stock indexes tanking again in early trade, sparking fears of a hard landing for the Chinese economy, the world's most important growth engine.
Oil markets paused for a breather after prices tumbled about 20 percent in July because of a supply glut.
Spot gold had slipped 0.1 percent to USD 1,205.10 an ounce by 0323 GMT. The metal was little changed in the previous session as liquidity was thin due to US and British holidays.
The Organization of the Petroleum Exporting Countries (OPEC) said that its March production jumped 810,000 barrels per day (bpd) to 30.79 million bpd, which is equivalent to a third of global supply.
Wang Tao, a market analyst at Reuters, said Brent would test resistance at USD 63.40.
The current bull run in spot gold prices could mirror the climb to dizzying heights seen in 1980, Reuters market analyst Wang Tao said, adding that bullion prices were increasingly becoming emotion driven.
US oil will rise to USD 103.39 per barrel over the next four weeks as the bearish impact on prices from a move by the IEA to release oil from stockpiles is expected to be temporary, Reuters market analyst Wang Tao said.
Spot silver may surge to record highs above USD 50 an ounce by the end of 2011, based on technical chart observations by Reuters analyst Wang Tao.
Gold prices look set to peak around USD 1,545 an ounce in the next two months, around USD 110 above Tuesday's record high, on positive chart patterns, according to Reuters analyst Wang Tao.
