Emirates 24/7, in its July 24, 2012 article, reports that Gold is up 10% on India, Iran, China rumours.
Extract :
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Gold prices are currently trending around
the $1,730 per ounce mark, within touching distance of their 60-day high of
$1,747/oz, and up 10 per cent in the first 30 days
of 2012.
Fuelling the bullion’s newfound
drive are rumours that India and China, one of the
world’s largest oil consumers, are secretly mulling paying in gold for
Iranian oil, and bypassing a European Union (EU) oil embargo on Iran,
effective from July 1, 2012.
The EU voted last Monday to ban oil
imports from Iran. The move came after a defiant Iran announced earlier in
January that it had launched a nuclear enrichment programme
at a well-protected underground facility near the city of Qom.
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