The cuts in spending and the increased M&A activity in the market can be attributed to the falling oil price.
Gold prices closed at $1,085.50 per ounce on 24 July, down 0.79% or $8.60, on Comex.
Bullion is trading down 1.11% at 1,091.20 per ounce on Comex as at 6.51am GMT.
Brent Crude fell by 1.52% after marathon talks by P5+1 officials resulted in a deal for Iran.
Demand would decline in 2016 while supply from Opec producers projected to remain at high levels.
Australia's S&P/ASX, Japan's Nikkei and Hong Kong's Hang Seng all decline.
WTI crude for delivery in August fell 1.19% at $58.76 per barrel, while Brent crude was trading down 0.83% at $63.06.
The number of US rigs actively drilling for oil has dropped for 27 successive weeks.
Gold prices to take their cues from developments in Greece and from Fed speak on US interest rates.
Analysts warn that worst may not be over, given the robust stock markets and the likelihood of higher US interest rates.
In Norway, petrol prices are 26% higher than that in the UK, where price per litre is £1.21.
Break of current resistance will open doors to new multi-month highs.
Shale oil boom in US is expected to come to halt amid oil price cartel Opec's unchanged production target.
WTI crude fell 0.83% to $58.64 per barrel, while Brent crude for July fell 0.68% to $62.88 as at 1.10am ET.
Capital Economics believes that Brent is "now back within a whisker" of its end-2015 forecast of $60 per barrel.