Gold sunk below $1,150 per ounce to its lowest since mid-2010, opening the way for a fall to $1,000. Silver fell even harder.
Oil futures spiked Wednesday on unconfirmed rumors of an oil pipeline explosion in Saudi Arabia and data that showed U.S. crude inventories rose less than expected.
The dollar nursed modest losses on Wednesday as investors took some profits on a four-session rally that swept the greenback to multi-year highs.
Asia stocks were under pressure on Wednesday amid concerns over oil and Chinese growth, but Japanese markets continued to outperform the region.
Stocks fell Tuesday as the price of oil slid to a three-year low.
Wall Street looked set for a higher open on Wednesday, after the Republican Party took control of the Senate.
Treasury yields fell on a gloomier outlook for the European economy and four-year lows for oil prices, boosting demand for U.S. government bonds.
European stock indexes accelerated losses to close lower on Tuesday, after seesawing during the trading session.
Spot gold rose, boosted by a drop in the dollar index and expectations of Asian physical demand following bullion's tumble to a four-year low.
Oil dived more than 3 percent on Tuesday to multi-year lows, as Saudi Arabia's sharp cut in export prices to the U.S. looked likely to deepen a supply glut.
The euro rallied on Tuesday on a report citing internal tensions within the European Central Bank over the leadership of its chief, Mario Draghi.
Asia equities were mixed on Tuesday with Japan's benchmark index outperforming the region and leaping to fresh seven-year highs.
Stocks rose Monday, after October gains left the Dow Jones Industrial Average and S&P 500 at records.
Yields for US Treasurys rose on Monday as the markets traded sideways on generally strong economic data.
U.S. indexes looked set to open slightly lower on Tuesday, but tumbling oil prices likely to weigh again on Wall Street.
All major European indexes closed lower on Monday after data revealed euro zone manufacturing activity expanded less than expected in October.
Gold fell on Monday to near a recent four-year low as the dollar index rose to its highest since mid-2010.
Global oil prices spiked at midday on Monday, with benchmark Brent turning positive after a big hike in Saudi Arabia's monthly export prices.
The dollar topped 114 yen on Monday, its highest level in nearly seven years, extending gains spurred by the Bank of Japan's decision last week.
Asian equities were mixed on the first trading day of November as investors digested a raft of Chinese data.
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Australia's economy grew faster than expected in the first quarter, but analysts were concerned about the quality of the data.
The shale gas revolution will be "very painful for many parts of the world," with the U.S. potentially the new swing producer, the head of BP told CNBC.
For all the money that has been pumped into major economies in recent years, the impact of monetary stimulus remains far from clear.