The price of gold drops abruptly, and oil is really in the spotlight this afternoon! A few minutes ago, OPEC finally announced its decision together with its external partners. Saudi Arabia has finally come out on top and will cut 400,000 barrels per day on its own terms, bringing the total to just 9.74 million barrels per day. OPEC and allies (OPEC +) want to set their total cut to officially 1.7 million barrels per day (even though they have been around 1.8 so far). Officially, their cut is increased by 500,000 barrels, from 1.2 to 1.7 million barrels a day. The voluntary cut of the Saudis brings the OPEC, as it says itself, to a total of -2.1 million barrels per day. This will deprive the world market of additional supply. At the same time, the US labor market data was reported much better than expected, which helps stocks and oil. As a result of this double effect (OPEC and US data), the oil price has risen by $ 1.50 to $ 59.50 since 3pm.
Gold price falls to US data
Strong US employment data and rising stock prices (Dow +215 points) are pushing gold as gold as a safe haven suddenly loses its appeal. The price of gold has fallen since 14:30 from $ 1,476 to $ 1,462. And zack, so the good mood for gold fans is in the bucket shortly before the weekend. No one on the market had expected such strong US data. Therefore, the crash in gold is the stronger!