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Gold Prices Down on Hawkish Bets Amid OPEC+ Output Cut
OPEC+ unexpectedly reduced output on Sunday by 1.1 million barrels per day to boost prices and lower global stocks. It increased the price of oil by over 6% and raised inflationary pressure. The expected rise in oil rates for the rest of the year due to these cuts could drive global inflation, forcing Fed and other central banks to take a more hawkish attitude on interest rate rises. The yields on US Treasury bonds surged as investors anticipated the FOMC meeting that would probably hike interest rates. US 10-Year Bonds rose to 3.456%, while the yield on US 2-Year Bonds rose to 3.9987%. The increase in Treasury rates ... (full story)
