Commodities markets summary
Market watch top headlines
A summary of trading in key commodities markets overseas:
Oil prices have rebounded as positive US data offset receding hopes of a deal to avoid the "fiscal cliff" of tax rises and spending cuts that is set to tip the world's biggest economy into recession.
New York's main contract, West Texas Intermediate (WTI) for delivery in January, climbed $US1.29 to $US87.78 a barrel on Thursday.
Brent North Sea crude for January advanced 94 cents to $US110.45 a barrel in late London deals.
Gold gained on Thursday, taking cues from a pullback in the US dollar that made the futures appear cheaper for buyers using other currencies.
The dollar fell against currencies of some major trading partners, as improved global economic data and the prospect of a US fiscal-cliff deal limited the appeal of the safe-haven currency.
US third-quarter gross domestic product was revised higher, and a surprising upswing in euro-zone economic sentiment triggered a decline in borrowing costs for debt-laden Spain.
The euro on Thursday touched the highest point against the dollar since October 31. Dollar-denominated gold futures and the dollar tend to trade inversely.
The most actively traded contract, for February delivery, rose $10.70, or 0.6 per cent, to settle at $1,729.50 a troy ounce on the Comex division of the New York Mercantile Exchange.
Base metals on the London Metal Exchange closed sharply higher with most metals at fresh seven-week highs amid a bullish cocktail of positive data, improved wider markets and dollar weakness, pushing the complex to rally through key technical resistance.
At the close of open-outcry trading, flagship base-metal copper closed at a five-week high, up 1.7 per cent on the day at $7,899.50 a metric ton.
The metal had breached a sturdy technical resistance level at around $7,865/ton, analysts said.
Copper, having initially lagged the gains of other metals, was spurred on after an improved reading on US growth.