At press time, the U.S dollar index traded high by 0.4% to trade at 91.835 index points.
Brent crude is on track to post weekly gains for the eighth week after touching a 13-month high at the first trading session of the week.
At the close in NYSE, the Dow Jones Industrial Average added 1.46% to hit a new all-time high, and the NASDAQ Composite index declined 0.04%.
Recent price action suggests the precious metal is being battered by the resurge of the greenback,
Brent crude futures were up by more than 2%, trading at $70.84 a barrel in early Asian trade, the highest since Jan. 8, 2020
For the week, Brent crude gained 5.2%, rising for the 7th week in a row for the first time since December,
Gold futures were down 0.63% to trade around $1,690 an ounce. Gold prices dropped to their lowest since Jun. 8, 2020.
The fear of higher U.S. bond yields undermined riskier assets like U.S stocks and other global equities.
The British-based oil contract, Brent crude surged by 0.46%, to trade at $62.99 a barrel, up from four days of losses.
Oil traders are becoming wary that OPEC+ will increase oil output and further distort the energy demand/supply dynamics.
The U.S. Dollar Index inched lower by 0.04% to trade at 90.843 index points.
Oil prices rose for a fourth straight month, despite its heavy plunge at the last trading session of the month.
