Gold prices fell on Monday after a surprise announcement by OPEC+ to cut oil production raised concerns about inflation and increased bets on a rate hike at the next Federal Reserve meeting in May.<\/p>\n\n\n\n
Spot gold prices fell 0.8 percent to $1951.37 an ounce by 0401 GMT, the lowest level in about a week. US gold futures also fell 0.9 percent to $1968.20.<\/p>\n\n\n\n
Raising interest rates to curb inflation would increase the opportunity cost of holding non-yielding precious metal.<\/p>\n\n\n\n
Oil prices jumped after Saudi Arabia and other OPEC+ oil producers announced production cuts, a possible bad omen for global inflation just days after slowing US price data boosted market optimism.<\/p>\n\n\n\n
Consumer spending in the United States increased moderately in February and showed signs of slowing, although it remained high.<\/p>\n\n\n\n
Markets now expect by 57.9 percent that the Federal Reserve will raise interest rates by a quarter point in May, which has boosted the dollar and made gold denominated in the greenback more expensive for buyers holding other currencies.<\/p>\n\n\n\n
ANZ noted in a note that “the demand for gold as a safe haven declined with the easing of US banking turmoil.”<\/p>\n\n\n\n
Gold prices rose nearly 8 percent in the fourth quarter after recent global banking turmoil increased bets that the Federal Reserve will slow the pace of interest rate hikes.<\/p>\n\n\n\n
As for other precious metals, silver fell in spot transactions 2.1 to $ 23.56 an ounce, platinum fell 1 percent to $ 981.89, and palladium fell to $ 981.89.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices fell on Monday after a surprise announcement by OPEC+ to cut oil production raised concerns about inflation and increased bets on a rate hike at the next Federal Reserve meeting in May. Spot gold prices fell 0.8 percent to $1951.37 an ounce by 0401 GMT, the lowest level in about a week. US …<\/p>\n","protected":false},"author":9,"featured_media":81236,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[6885,6874,7822,8949,8324],"class_list":["post-82298","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-fed","tag-gold","tag-labour-market","tag-pce-data","tag-us-dollar-index"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/82298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=82298"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/82298\/revisions"}],"predecessor-version":[{"id":82299,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/82298\/revisions\/82299"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/81236"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=82298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=82298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=82298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}