Gold Price Forecast: XAU/USD slips to near $1,960 on hopes that fresh oil cut to keep Fed rates higher Gold XAUUSD Fed Inflation Oil
Gold price has dropped sharply to near $1,960.00 as a surprise production cut by the OPEC+ would propel US Inflation.A power-pack action in the USD Index would continue ahead of the release of the US ISM Manufacturing PMI data.price is facing immense pressure in early Asia as United States inflationary pressures have propelled after the announcement of a surprise production cut by the OPEC+ on weekend. The precious metal has dropped firmly to near $1,960.
According to Reuters, the oil cartel will cut the overall oil production by around 1.16 million barrels/day , which will lead to the overall pledge of production cut to 3.66 million bpd. has extended its upside momentum above 102.70 on expectations of the continuation of the 25 basis points rate hike spell by the Federal Reserve . This would push interest rates to 5.00-5.25%.
A power-pack action in the USD Index would continue ahead of the release of the US ISM Manufacturing PMI data. As per the estimates, the Manufacturing PMI is expected to decline marginally to 47.5 from the former release of 47.7. This could be the fifth consecutive figure below 50.0, which itself is considered a contraction in manufacturing activities.
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