A weakening of the US dollar has been the catalyst for stronger gold prices, which peaked at just over $US1157 an ounce overnight, the highest level since November.

While global volatility has boosted gold's safe haven demand, stimulus measures in Europe and Japan and decreased expectations of further US rate rises have added to the appeal.

Speaking of volatile, oil prices continued to bounce around, jumping a whopping 8% on Wednesday in what IG market analyst Chris Weston described as a possible turning point for markets.

Copper prices also improved this week, rallying to $4691.75 per tonne, a 2016 high.

ANZ Research says recent Chinese data, which showed a big improvement in base metal imports in December, is supporting prices.

"Base metals markets will remain under pressure in the short term as volatile markets, a stronger US dollar, and new mine expansions outweigh recently announced supply cuts," analysts said.

"However, better than expected Chinese demand should improve sentiment and put a floor under current prices."