OPEC+ set to halt oil production increases after September until end of 2026

Reuters – Sources indicated that the OPEC+ alliance is likely to suspend gradual oil production increases beyond September through the end of 2026, as it requires further discussions before making a decision on production quotas for 2027.

Gold fell on Tuesday, pressured by a rising dollar, as markets awaited the Federal Reserve’s (the US central bank) upcoming monetary policy decision at the conclusion of its two-day meeting, seeking clues about the interest rate trajectory. Spot gold dropped 1.2% to $4,026.21 per ounce.

Rona O’Connell, head of market analysis at StoneX, said, “Gold has remained in a very narrow range, supported by a level at $4,000 since late June, suggesting a potential breakout from this range at some point.” She added, “Essentially, actual markets remain extremely calm, while experts are focusing on the interplay between oil prices, interest rates, and the dollar, as all are key driving factors.”

The dollar held near its highest level in four weeks, making dollar-priced gold more expensive for holders of other currencies.

Geopolitically, US President Donald Trump said on Monday that Washington was having “good talks” with Iran and that there was a chance of reaching an agreement to resolve the conflict between the two sides, but he warned that strikes would resume if negotiations failed to yield results.

Oil prices saw a slight decline on Tuesday, hovering near their lowest level in two weeks, amid hopes for a resolution between the United States and Iran.