Gold prices were little changed on Thursday, retreating further from the previous session's seven-week high as the dollar extended gains.
US crude settled down 99 cents, or 1.6 percent lower, at $59.95 per barrel, its lowest close since July 14, 2009.
The dollar was boosted by strong U.S. retail sales numbers and declining jobless claims, suggesting the US economy may get a rate hike next year.
Asian bourses slid again on Thursday, as falling oil prices and a worse-than-expected machinery orders report from Japan reinforced jitters about a sluggish global economy
Stocks declined on Wednesday, furthering the week's losses, as crude fell as OPEC cut its demand outlook for 2015.
U.S. government debt prices moved higher as investors awaited a Treasury auction and Greek bond yields moved closer to 9 percent.
U.S. stock index futures signaled a higher open ahead of retail sales data, which will point to the strength of the holiday shopping period.
European shares closed lower on Wednesday, continuing its declining trend as Greek political fears and slumping oil prices weigh.
Gold edged down, holding below a 7 week peak hit earlier as a modest rebound in equity markets and lower crude prices offset dollar.
Oil prices sank to session lows on Wednesday after data showed U.S. commercial crude inventories climbed by 1.5 million barrels last week.
The euro edged higher against the dollar, but investors remained nervous over an uncertain political situation in Greece.
Asian indices were mostly lower on Wednesday as sluggish economic data from China spooked markets that were already under strain from political uncertainty in Greece and a rout in oil prices.
Stocks declined on Tuesday, extending losses into a second session, as oil rebounded from a five-year low.
The Treasury Department auctioned $25 billion of 3-year notes at a high yield of 1.066 percent, the same level set in September.
U.S. stock index futures signaled a lower open on Wednesday after recovering much of the losses from Tuesday's volatile session.
European shares closed sharply lower on Tuesday as a slide in Chinese and Greek equities weighed on investor sentiment.
Gold rose for a second straight session on Tuesday, reversing earlier losses to trade above $1,200 an ounce.
Brent crude pared losses after hitting a five-year low on Tuesday and plunging more than 4 percent the day before.
The yen rose strongly on Tuesday as a further drop in oil prices hit risk appetite.
China's benchmark index tumbled as much as 6 percent in the last hour of trade after rallying to a three-and-half-year high of 3,091 points earlier.
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