Gold Silver Reports (GSR) – OPEC has reached an agreement in principle to boost oil production, achieving a last-minute compromise that overcame Iran’s threats to veto any supply hike. The preliminary accord allows for an additional 600,000 barrels a day of oil to flow onto the market, about 0.5 percent of global supply, said a delegate. That reflects a 1 million barrel-a-day adjustment on paper to the production cuts implemented by the Organization of Petroleum Exporting Countries and its allies, the delegate said, asking not to be named because the information is private.
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OPEC Nears Deal on Oil-Supply Boost After Saudi-Iran Talks
Gold Silver Reports (GSR) – Iranian Oil Minister Bijan Namdar Zanganeh said he had a good meeting with his Saudi counterpart in Vienna on Friday and he wasn’t feeling pessimistic about the possibility for a compromise — a reversal of his position on Thursday night. After a tumultuous few weeks that have whipsawed crude markets, his comments suggested oil consumers from the U.S. to India and China could soon find some relief from high prices.
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Monsoon Could Push Gold Price Higher As Rural Demand Picks Up. Where Is Gold Headed To?
Gold Silver Reports (GSR) – Wondering where gold prices are headed to? In the past many weeks, gold prices have been stuck in a narrow range. In the international market, gold prices have been in the range of $1,290 to $1,350 per ounce since April. Domestic gold prices have also displayed a similar trend. Gold prices in Delhi have been around Rs. 32,000 per 10 grams (24 carat) during this period. Are gold prices expected to break the current trend anytime soon? NDTV here brings to you what experts think about the current trend in gold prices.
