Gold eased slightly after a three-day winning streak as the dollar and equities strengthened.
The euro hit another nine-year low against the dollar on Wednesday, after data for the euro zone revealed that prices were falling in the region.
U.S. stocks looked set for a small rebound on Wednesday, ahead of the Fed's latest policy meeting minutes and unemployment and trade data.
Stocks fell Tuesday as investors fretted the implications of crude's failure to find a floor.
U.S. government debt prices spiked on Tuesday as the price of oil price continued its free-fall and Greece prepares for a snap general election.
The price of oil put pressure on European markets on Tuesday with the commodity continuing to be a main driver of global asset markets.
Gold hit three-week highs as sliding oil prices knocked stock markets and concerns simmered over Greece's future in the euro zone.
Oil prices sank to fresh 5-1/2-year lows extending losses after a 5 percent plunge in the previous session.
Mounting anxiety over the relentless fall in oil prices and growth concerns over China dragged Asian stock indices to new lows on Tuesday.
The safe-haven yen rose as investor risk aversion mounted following a sharp drop in crude oil and stocks.
Stocks dropped on Monday, with energy companies leading losses as the price of oil fell to its lowest since 2009.
Medium and longer-dated U.S. Treasury notes climbed on Monday, as U.S. stock index futures fell, pressured by the fall in oil prices.
European shares closed sharply lower on Monday as concerns over the health of the euro zone resurfaced and oil prices fell below a 2009 low.
U.S. stock index futures signaled a flat to higher open on Tuesday, as the price of oil continued its precipitous decline.
Gold rose one percent as global shares fell on concerns over the future of Greece in the euro zone and lower oil prices.
Asian stocks were mixed amid choppy trade on the first trading day of the week, as a raft of sluggish manufacturing surveys released across Europe and Asia over the past week curbed risk appetites.
U.S. crude and Brent futures dropped to fresh 5½-year lows on Monday as worries remain about a surplus of global supplies amid weak demand.
The euro fell to near a nine-year low, hit by concerns that Greek elections will result in a government that will aim to cancel austerity measures.
Stocks rose Friday, bouncing back after sharp losses the prior session.
Wall Street looked set for a weaker open on Monday, with U.S. stock futures tracking declines in Europe and pressured by the fall in oil prices.
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Euro zone annual inflation held steady at 0.2 percent in July, far below the European Central Bank's target.
A U.K. withdrawal from the EU could trigger another Scottish independence referendum, said Nicola Sturgeon, the First Minister of Scotland.
Japan's inflation target remains out of reach, with June core CPI for June barely budging and as households unexpectedly stopped spending.