Weak oil and gold weigh on resource stocks

Oil prices came within a whisker of retesting a near six-month low of $63 on Friday as supply worries eased, knocking gold to three-month lows and dragging resource shares lower. Oil slid to $63.02 a barrel as bulging U.S. inventories offset geopolitical worries and spot gold fell to a low of $572.10 - a level last seen on June 23 - before clawing back to $575.40.

"It looks like the good time has stopped. The momentum is weak enough that people start selling," said Tobin Gorey, a commodities analyst at Commonwealth Bank of Australia in Sydney.

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