Reports of Israeli airstrikes on Gaza and fresh U.S. sanctions on Iran pushed crude oil prices higher, reigniting worries about inflation and raising bets the Federal Reserve may delay rate cuts.
The dollar was on the front foot against major peers, exerting pressure on bullion in Asian trade.
China's Shanghai Composite index dropped 1.29 percent to 3,364.83 amid a lack of fresh catalysts and ahead of results from some of China's biggest banks and consumer firms due next week.
Hong Kong's Hang Seng index fell 2.19 percent to 23,689.72 as China stimulus hopes faded. Tech giants Alibaba and Baidu fell 3.5 percent and 2.5 percent, respectively.
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