Commodity markets traded mixed on July 2, with crude oil prices extending losses on hopes of easing geopolitical tensions, while gold gained amid softer-than-expected US jobs data and a weaker dollar.
Oil prices slipped in early trade after Qatar said Iran and the US had made "positive progress" in indirect talks that concluded on Wednesday over the Strait of Hormuz, a key shipping route that handles around one-fifth of global oil supply.
Brent crude futures fell 1.02% to $70.84 a barrel, while US West Texas Intermediate (WTI) crude declined 1.21% to $67.75 a barrel. Both benchmarks had dropped more than 1% in the previous session, marking their lowest levels in four months.
In the precious metals segment, gold prices extended gains after touching a more than one-week high in the previous session, as investors assessed softer-than-expected US labour market data.
Spot gold rose 0.8% to $4,063.56 an ounce, while US gold futures for August delivery edged 0.2% lower to $4,075.60.
Silver gained 0.4% to $59.35 an ounce, while platinum and palladium also traded higher.
Meanwhile, the US dollar was little changed as investors awaited the closely watched US non-farm payrolls data.
The dollar index trading at 0.02% to 101.38, while the Japanese yen remained under pressure near four-decade lows against the greenback, keeping markets alert for possible intervention.