Gold drops after OPEC+ oil cut raises Fed hike odds – Reuters
- Date: 03-Apr-2023
- Source: Reuters
- Sector:Financial Markets
- Country:Saudi Arabia
Gold drops after OPEC+ oil cut raises Fed hike odds – Reuters
April 3 (Reuters) - Gold prices slid on Monday after a surprise announcement from OPEC+ about a cut to oil output sparked inflation concerns and raised bets of an interest rate hike at the U.S. Federal Reserve's upcoming May meeting.
Spot gold was down 0.8% at $1,951.37 per ounce, as of 0401 GMT, its lowest in nearly a week. U.S. gold futures shed 0.9% to $1,968.20.
The opportunity cost of holding non-yielding bullion rises when interest rates are increased to lower inflation.
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