Gold slipped on Tuesday on worries a strong dollar and volatile oil markets could undermine an overnight rally that lifted the yellow metal.
Brent crude slipped on Tuesday, trading in a band between about $70 and $72 and giving up some of Monday's gains.
Asian equities rose on Tuesday, with Shanghai and Japanese stocks closing at multi-year highs on hopes of Chinese stimulus and as investors dismissed Japan's rating downgrade.
The dollar rebounded on Tuesday, supported by a retreat in oil prices that has helped to lift it against commodity-linked currencies.
Stocks fell Monday as the holiday shopping season got off to a slow start.
Wall Street looked set for a higher open on Tuesday, after oil prices rose and Asian shares closed at multi-year highs.
U.S. stock index futures pointed to a flat to slightly lower start on Wednesday, after a record Wall Street finish on Tuesday.
Bonds ended a six-session rally, with prices surrendering early gains and turning down on profit-taking ahead of Friday's key US unemployment report.
European shares closed lower Monday with the falling price of major commodities weighing heavily on the mining and energy sectors.
US oil rallied as data suggested that tumbling prices may have started to affect drilling activity in the fast-growing US shale oil industry.
Gold rebounded sharply from the 2 percent losses it posted after Switzerland voted against a proposal to boost its gold reserves
The dollar fell on Monday against the yen and euro as profit-taking emerged after it reached a seven-year high against the yen.
Japanese shares rose to a seven-year high on the first day of the month, while the rest of Asia's indices declined on oil prices and Chinese data.
U.S. stock index futures fell, as ratings agency Moody's downgraded Japan's credit rating and commodity prices continued to tumble.
U.S. stocks closed mixed on Black Friday amid a slide in oil prices following OPEC's announcement that it would not cut its output.
U.S. sovereign bonds rose on Black Friday, with demand for "safe haven" assets boosted after OPEC's announcement.
European shares closed largely flat on Friday, although oil majors fell sharply after OPEC decided not to cut its output target.
US crude prices plunged on OPEC's decision to not cut output, but there could be more losses when markets return to full strength next week.
Gold settled nearly 2 percent lower, extending a three-day slide to a two-week low.
The dollar gained on Friday as concerns about continuing low oil prices added to deflation fears in the euro zone and Japan.
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