Crude oil prices fell on Friday as concerns over the outlook for global economic growth outweighed elevated tensions in the Middle East that could disrupt supply routes and send prices higher. U.S. West Texas Intermediate(WTI) crude futures were down 1.1% at $56.72 per barrel by 0310 GMT. There was no settlement price on Thursday because of the Independence Day holiday in the United States.

Gold prices were steady on Tuesday, trading near five-week lows touched in the previous session, as a firmer dollar and optimism over a likely U.S.-China trade deal dented safe-haven appeal of the precious metal. Spot gold was up 0.2 percent to $1,288.46 per ounce as of 0552 GMT, after slipping to $1,282.50 in the previous session, its lowest since Jan. 25.

The slump in the rupee has pushed up the domestic price of gold by 3.5% in the past one month, leading to a slowdown in festive season demand as consumers postpone buying decisions. On Tuesday, the domestic price of gold was hovering around Rs 31,850 per 10 gm.