The gold price is under pressure to start the week against a US Dollar that is stronger across the board. Higher Treasury yields all along the curve underpinned the greenback but it is the crude oil price that has gone to moon on Monday.
On Sunday, OPEC+ announced a 1.1 million barrel per day reduction to its output target. Russia has recently confirmed that they will maintain their 500k fewer barrels per day target through to the end of the year.
The squeeze on supply was already impacting markets with a gain of over 9% last week fuelled by the news that Turkey will no longer be able to have pipeline access from Kurdistan
