"It is hard not to be bullish with oil prices now that the deep freeze disruption practically guarantees the summer pickup in crude demand will erase whatever supply glut is left," said Edward Moya, senior market analyst at OANDA in New York.
Analysts also said that the recent technical event of gold's 50-day moving average price dipping below the 200-day moving average, known as death cross, could lead to more selling.
US retail sales rebounded sharply in January, while US producer prices increased by the most since 2009, suggesting inflation was starting to creep up.