Comex gold futures dropped as low as $1980.90 an ounce during the session but rebounded to $2006.60/oz.
Spot gold was around $1994.92/oz on Thursday morning. Oil dropped 2.1% to US$79.16 a barrel.
After a decent run for some base metals this week, all except lead fell overnight. Zinc and tin were the worst, losing around 3%.
"Supply issues remain in focus as major resource companies release quarterly production reports," ANZ Research said. "Any sign of ongoing disruptions should bolster sentiment."
US stocks were flat as earnings season ramps up. The S&P 500 dropped by less than half a point.
