Crude Oil reversed losses to close slightly higher after another day passed without an announcement from the Biden Administration to tap U.S. crude oil reserves.
United Arab Emirates
OPEC Has Shown it can Reach Deal Despite Splits: Iran Oil Minister
The Organization of the Petroleum Exporting Countries and its Russia-led allies agreed on Dec. 7 to cut output by more than expected, despite pressure from U.S. President Donald Trump to reduce the price of crude.
Iranians Go for Gold Amid Currency Turmoil, U.S. Tensions
Gold Silver Reports (GSR) – Iranians Go for Gold Amid Currency Turmoil, U.S. Tensions — Gold coin and bar demand in the Persian Gulf nation soared to 9.3 tons in the first quarter, a three-year high, on “investor concerns over worsening Iranian-U.S. relations and the prospect of currency controls,” the World Gold Council said Thursday in a report.
Demand for Gold Jewelry in the United Arab Emirates Plummeted
Gold Silver Reports (GSR) – Demand for Gold Jewelry in the United Arab Emirates Plummeted — Wholesale gold jewelry sales in Dubai, sometimes known as the City of Gold, fell 50 to 60 percent in the first quarter from a year earlier after VAT began on Jan. 1, according to Chandu Siroya, vice chairman of the industry association Dubai Gold & Jewellery Group. Dubai’s historic souk marketplace of mostly jewelry traders even has space available for the first time in years, he said.