Gold climbed as oil prices increased and on signs of more physical purchases from Asia. Platinum and palladium rose.

Brent crude advanced for the second time in three days, as a rout to the lowest since 2009 prompted by OPEC’s failure to curb production faltered. Gold traders often track the cost of oil, which can impact consumer costs and inflation.

“Crude is more positive, which means gold should be supported,” Sin said today by phone. “Physical demand overall is quite robust. Bargain hunters will come in every time we see a dip.”

The Bloomberg Dollar Spot Index reached the highest since 2009 before data on Dec. 5 that may show American employers added more than 200,000 jobs for a 10th month, boosting the case for tighter US monetary policy.

“The expectation for the US economic recovery to continue, and the lower inflation outlook because of falling oil prices will keep precious metals under pressure,” Mark To, head of research at Wing Fung Financial Group, a trader and refiner in Hong Kong, wrote in a note. “Investors will keep an eye out for the US payroll report.”

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Asian equities rose on Tuesday, with a rebound in crude oil and other commodity prices favoring the stock markets of resource-exporting countries.

Crude oil held on to its gains after rebounding sharply overnight from five-year lows. The bounce in commodities including iron ore, copper and gold was also good for commodity currencies such as the Canadian and Australian dollars.

"Yesterday much of the move higher right across the entire commodity complex... suggests that there was a strong element of people increasing their allocation to commodities, taking advantage of these low prices," said Mark Keenan, head of commodities research Asia at Societe Generale.

The dollar was steady at 118.480 yen but then jumped to a seven-year high of 119.15.

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The UK's manufacturing sector continued to recover from its autumnal slowdown, with a closely-watched gauge beating expectations in November.

Although the UK's economic recovery has slowed somewhat recently, it remains one of the strongest stories among the major developed economies. Sterling's strength earlier this year has weighed on industry, but the currency's recent slide is another fillip.

Markit economist Rob Dobson wrote that despite the slower pace of expansion compared to earlier this year, “growth is still coming from a broad-base that will aid its sustainability".

The Eurozone’s manufacturing outlook is much glummer, with the manufacturing PMI for the common currency area dipping dangerously close to the 50 mark that signals the difference between contraction and expansion of activity last month.

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Oil prices extended their losses and sunk to fresh four-year lows on Thursday as expectations of a cut in OPEC oil production faded following the Saudi Arabian oil minister’s comments Wednesday.

The Organization of the Petroleum Exporting Countries meets in Vienna within a few hours to decide whether its members will cut production to remove some of the glut in supply in global markets and boost oil prices.

The 12-member oil cartel typically steps in to adjust output when prices move sharply due to excess or insufficient supply. It currently has an oil production ceiling of 30 million barrels a day and has been producing in excess of this level in recent months. Read: A brief, wondrous history of OPEC landmark events

Crude-oil prices have plummeted this year, losing almost 30% of their value since June, mainly due to rising US oil production driven by the shale boom and slowing demand growth in Asia and Europe.

Analysts say that OPEC will need to cut oil production much lower than its current ceiling for prices to make a significant recovery. Today’s OPEC meeting and any decision on production cuts is likely to set the tone for oil prices for the next few months and well into 2015. Read: We’re about to find out if OPEC’s cartel still has sway.

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