ALBAWABA - Gold prices receded on Monday after OPEC+ announced surprise oil production cuts.
Spot gold was 0.2 percent lower at $1,964.69 per ounce by early Monday morning, compared with its lowest rate in nearly a week at $1,949.54, Monex reported.
U.S. gold futures were also down 0.2 percent at $1,982.00, according to Reuters.
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In Dubai, the United Arab Emirates, gold prices are declined on Monday.
On Monday, oil prices surged by 6 percent, hours after surprise production cut announced by several of the world's largest exporters.
In Washington, the White House was quick to react to the planned production cut by OPEC+ oil producing members, saying the decision was "ill-advised" under the current market conditions.
Brent crude oil jumped by more than $4, or 5 percent, to trade above $84 a barrel in Asia.
