Analysts say the dollar rally is masking concerns over U.S. fiscal policy, trade wars, and weakening international demand for U.S. assets.

Gold climbed 0.8 per cent before paring gains. West Texas Intermediate rose 2.5 per cent. The US dollar appreciated while US equity futures declined.

Analysts say the dollar rally is masking concerns over U.S. fiscal policy, trade wars, and weakening international demand for U.S. assets.