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.
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