Gold price rallied on Monday and took out the $2,000 mark with a slump in the US Dollar on the back of bond yields falling on expectations a surprise cut in The Organization of the Petroleum Exporting Countries, OPEC , production will spur inflation. This was dimming hopes the Federal Reserve will cut interest rates this year.

The rise in the yellow metal comes after The Organization of the Petroleum Exporting Countries, OPEC , on Sunday made an unexpected 1.1-million-barrel per day cut to production to support prices and reduce global inventories, raising the cost of oil and adding inflationary pressure as the Fed and other central banks raise interest rates to slow their economies to check rising prices.