Spot gold fell 0.6% to $1,885.81 per ounce by 0618 GMT, declining 4.3% so far in the month in what would be its worst monthly performance since November 2016. US gold futures were down 0.5% at $1,893.30.
Brent crude dipped 8 cents, or 0.2%, to $43.26 a barrel by 0403 GMT, while U.S. West Texas Intermediate (WTI) crude dropped to $41.22 a barrel, down 7 cents, or 0.2%.
With vast monetary easing measures put in place by the Federal Reserve pushing the dollar lower against most other currencies, gold is flying, hitting an all-time high of $1,944.71, well above its previous record of $1,921.18 seen in 2011. It later pulled back slightly.
Spot gold was down 0.4% at $1,951.24 per ounce by 0601 GMT. Prices hit an all-time high of $1,980.57 on Tuesday. U.S. gold futures rose 0.1% to $1,947.40.
The pan-European STOXX 600 slipped 0.1% by 0716 GMT, oil & gas and chemical leading the declines, while a 1.2% jump in retailers helped counter the losses.
Brent crude futures rose 59 cents, or 1.4%, to $43.81 a barrel by 1216 GMT. U.S. West Texas Intermediate crude futures gained 47 cents, or 1.2%, to $41.51 a barrel.
The key Nikkei 225 index fell 1.15 per cent, or 260.27 points, to 22,397.11, extending its losing streak for a fourth trading day. The broader Topix index dropped 1.28 per cent, or 20.08 points, to 1,549.04.
Brent crude futures were down 35 cents, or 0.8%, at $42.79 a barrel as of 0633 GMT, and U.S. West Texas Intermediate (WTI) crude futures fell 35 cents, or 0.9%, to $40.30 a barrel.
The benchmark Nikkei 225 index rose 0.72 percent, or 160.52 points, to 22,306.48. It lost 0.91 percent over the week.