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 0.6% at $1,956.89 per ounce, as of 0709 GMT, its lowest in nearly a week. U.S. gold futures shed 0.7% to $1,971.30.
The opportunity cost of holding non-yielding bullion rises when interest rates are increased to lower inflation. Gold has fallen "as investors weigh up the lure of gold as a safe-haven asset, versus the potential for higher-for-longer interest rates. Clearly, fears of inflation and higher interest rates has won the argument," said Matt Simpson, senior market analyst at City Index.
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