3 ASX Penny Stocks to Watch as Gold Outperforms and Oil Drops

ASX futures are pointing to a 0.5% gain at the open on Monday, supported by lower oil prices and a strong performance in the gold sector. The positive start comes as investors rotate into smaller-cap names, with penny stocks under A$500 million market cap drawing renewed interest. Among the companies highlighted in a recent screener is 3P Learning Limited, an educational software provider operating across Asia-Pacific, the Americas, and Europe.

For gold and precious metals traders, the backdrop of falling oil prices and a buoyant gold market is a familiar tailwind. Lower energy costs reduce input expenses for miners, while gold's strength often signals risk-off positioning or inflation hedging. This environment can lift the broader materials sector, including small-cap explorers and producers. Traders can track real-time gold prices on NowPrice's live dashboard to gauge sentiment shifts that may ripple into ASX-listed gold stocks.

Looking ahead, market participants will watch for further moves in crude oil and the US dollar, both of which influence gold's trajectory. The ASX 200's reaction to the week's economic data, including Australian retail sales and US GDP revisions, could also determine whether the rally in penny stocks broadens. Investors should monitor volume and news flow around the screened names for confirmation of sustained interest.