Gold drops on world market

Gold drops on world market
# 03 April 2023 09:37 (UTC +04:00)

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, APA-Economics reports citing Reuters.

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.

Spot silver dropped 2.1% to $23.56 per ounce, platinum lost 1% at $981.89, and palladium slipped 0.7% to $1,449.94.

#
#

THE OPERATION IS BEING PERFORMED