Gold fell below $1,300 an ounce as various reports offered details about the European Central Bank's planned bond buying program.
US crude closed oil nearly 3 percent, rebounding from falls in the previous session as more energy firms cut investments and the dollar weakened.
Equity markets in Asia raked in gains on Wednesday, with the exception of Tokyo, bolstered by stimulus bets on the European Central Bank.
Stocks rose on Tuesday as investors tracked the price of oil and fourth-quarter earnings.
U.S. government debt prices climbed on Tuesday as investors wait to see if the ECB will announce a new stimulus package later this week.
European equities closed in positive territory on Tuesday amid speculation that the ECB will announce a full-scale bond-buying program on Thursday.
Brent crude prices steadied below $49 a barrel after the IMF cut its forecast for global economic growth in 2015 implying lower demand for fuel.
Gold rose more than 1 percent to its highest since early September, as uncertainty about how extensive a stimulus programme the ECB will announce.
The dollar hit a one-week high against the yen after China growth data was not as bad as many had feared, curbing demand for the safe-haven Japanese currency.
Asian stock markets traded higher late Tuesday, with sentiment supported by China's fourth quarter gross domestic product which beat expectations.
European equities closed largely higher on Monday, as investors look ahead to Thursday's European Central Bank meeting.
U.S. stock index futures signaled a higher open as investors gear up for a big day of major earnings, amid speculation that the ECB will announce QE.
Brent crude oil prices fell below $49 a barrel and U.S. crude also fell more than $1 on Monday
The European Central Bank could take its boldest steps yet to revive the euro zone's moribund economy.
Gold eased from four-month highs on Monday as investors cashed in some of last week's hefty gains
Chinese shares tumbled on Monday due to a sharp selloff in the financial and property sectors, while Wall Street's lead boosted the rest of Asia.
Stocks rose Friday as crude surged.
Bonds hit session lows on after a private report on sentiment in early January reduced some worries about domestic growth.
European equities were mostly higher on Friday, but Swiss stocks weighed on wider benchmarks.
Gold settled higher on as investors sought safety from volatility in wider markets after Switzerland unexpectedly abandoned a cap on the franc.
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