NewsBreak: Gold Sees Small Gains as Saudis See Oil Output Stabilizing
Investing.com - Gold prices moved modestly higher Tuesday as oil prices fell and Saudi Arabia said production of crude would hit 11 million barrels by the end of the month.
Gold Futures for December delivery settled up $1.90, or 0.13%, to $1,530.40 an ounce in New York. XAU/USD was trading up $5.03 an ounce to $1,503.31 at 3:15 PM ET (19:15 GMT). Gold had rallied about $12 an ounce on Monday in reaction to Saturday's drone attacks on Saudi oil processing facilities and oil fields.
Oil prices fell on Tuesday as Saudi Oil Minister Prince Abdulaziz bin Salman said the country would be pumping 11 million barrels per day of crude by the end of the month, allaying fears of a long period without a significant amount of Saudi oil
Investors also were awaiting the Federal Reserve's decision on interest rates, due Wednesday. Investing.com's Fed Rate Monitoring Tool indicates a 50.8% chance the Fed cuts its federal funds rate to 1.75% to 2% from 2% to 2.25%. The S&P 500 was little changed this afternoon.
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