Why do lower oil prices matter for gold? Ironically, the Venezuela shock has reinforced a bearish setup for oil, rather than tightening it. The Organization of the Petroleum Exporting Countries and its allies (Opec+) is widely expected to maintain steady output at its upcoming meeting, suggesting Venezuela-related disruptions are unlikely to materially tighten oil markets, said Banerjee.

Source: Mint January 05, 2026 20:07 UTC