Saudi's made the biggest price cuts on its crude grades since May as demand recovery for fuel hopes faded.
The price decline in the safe-haven asset was triggered by an impressive U.S. jobs report.
Recent sell-offs were triggered by leading tech brands including Facebook, Amazon, Google.
Gold futures at the time this report was drafted gained 0.27% to $1,943.
The plunge marked the biggest one-day drops for all three indexes since June.
Both Crude oil benchmarks dropped more than 2% with WTI sliding to its lowest.
Prices of gold futures dropped below $1,980, a crucial support level thanks to the dollar’s recent strength.
Crude oil prices continue to climb up amid signs of gradual demand improvement.
China’s factory activity expanded at the fastest rate in nearly ten years in the month of August.
The yellow metal tends to usually rise in value on expectations of lower U.S interest rates.