Asian markets retreated in late afternoon trading, closing mixed after rallying earlier in the session following the Federal Reserve's interest rate cut.
Japan ended higher and Australia was the stand-out market, gaining over 1 percent and setting a new record close.
Seoul stocks hit a record but ended flat, as automakers dropped on worries a soaring South Korean won would hurt their bottom line, while Woori Financial slid after a surprise drop in quarterly profit due to subprime exposure.
The U.S. rate cut and weak dollar, as well as data showing a steep fall in U.S. crude inventories, sent oil soaring to a fresh high of $96.21 a barrel, which in turn drove spot gold to a new 28-year peak near $800 an ounce.
Investors were further encouraged by upbeat U.S. data showing the U.S. economy expanded by 3.9 percent in the third quarter, its fastest rate since the beginning of 2006, while another report showed private employers added workers this month at the greatest rate since June.
Gains for stocks were seen across the board generally but commodity stocks stood out following the rally in oil and gold. Gold producer Newcrest Mining, oil and gas producer Woodside Petroleum, mining giant BHP Billiton and China's Sinopec.