Gold Drops as Inflation Risks after OPEC+ Oil Decision

Singapore, April 03 (QNA) – 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, its lowest in nearly a week. US gold futures shed 0.9% to $1,968.20.

Spot silver slipped 2.1% to $23.56 per ounce, platinum lost 1% to $981.89, and palladium fell 0.7 % to $1,449.94. (QNA)