GOLD WEBCAST – OPEC decision not to cut production sees gold retesting $1,180/oz

Otmane El Rhazi from The Bullion Desk.

The gold price continued to drop on Friday morning in a cross-commodity washout triggered by OPEC’s decision not to cut oil production. Lower energy prices are dampening sentiment in what could be either a pause in the breakout or a reversal of the gains of the past three weeks. Oil prices plunged after OPEC left its output limit at 30 million barrels a day. Brent crude oil subsequently slumped to a low of $72.78 per barrel, its cheapest since August 2010, while WTI hit $69.44, its lowest since June 2010. Spot gold was last at an intraday low of $1,182.00/1,183.80 per ounce, down $5.60 on Thursday close and with a retest of $1,180 on the cards.

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