Gold prices edged lower on Tuesday as traders assessed the likely path of the Federal Reserve's monetary policy after data showed a slump in U.S. manufacturing activity and as OPEC+'s production cut sparked inflationary risks.
Spot gold was down 0.2% at $1,980.39 per ounce, as of 0314 GMT. U.S. gold futures dipped 0.1% to $1,997.70.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.
Oil prices steadied with investors' attention shifting to demand trends and the impact of higher prices on the global economy.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Gold drops after OPEC+ oil cut raises Fed hike oddsGold 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.
Baca lebih lajut »
Gold drops as inflation risks after OPEC+ oil target cut raise Fed hike oddsGold 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.
Baca lebih lajut »
Hundreds of Bexar County inmates are incompetent to stand trial. This program could help.Bexar County commissioner will vote Tuesday on a $1.6 million federal grant that will help jail inmates with mental health and substance abuse issues.
Baca lebih lajut »
USD/CAD retreats from 1.3500 as OPEC’s surprise cut drives oil price, US PMI eyedThe USD/CAD has retreated from 1.3520 after a rebound attempt followed by a gap-down opening from 1.3488 in the early Tokyo session. The Loonie asset
Baca lebih lajut »
Goldman Sachs raises Brent oil price forecasts after OPEC+ output cutsGoldman Sachs (GS) revised up its Brent Oil price forecast for December 2023 by $5 to $95 a barrel, as well as increasing the December 2024 forecast b
Baca lebih lajut »
Goldman Sachs raises Brent oil price forecasts after OPEC+ output cutsGoldman Sachs has raised price forecasts for Brent crude futures following a surprise announcement from OPEC+ that the producer alliance will cut oil output further.
Baca lebih lajut »