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Gold prices ease as traders gauge OPEC+ output cuts

04 April 2023 09:17 (UTC +04:00)

Gold prices edged lower today as traders assessed the likely path of the Federal Reserve's monetary policy after data showed a slump in US manufacturing activity and as OPEC+'s production cut sparked inflationary risks, APA-Economics reports citing Mint.

Spot gold was down 0.2% at $1,980.39 per ounce on Tuesday, as of 0314 GMT. US gold futures dipped 0.1% to $1,997.70.

The dollar index was slightly higher, making bullion expensive for overseas buyers.

Gold in the near term could see "consolidative price action in absence of a fresh catalyst and as markets monitor the extent of price gains in oil as that may throw a curve ball on inflation outlook and complicate monetary policy decision," said OCBC FX strategist Christopher Wong.