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Oil And Gold Analysis: Gold Buying Frenzy In Arab Peninsula

ByICM Brokers
Published 05/01/2013, 05:53 AM
Updated 04/25/2018, 04:40 AM

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West Texas Intermediate crude fell after investors negatively digested the rising stockpiles on the inventory that will be released later. Crude future for June contract retreated as much as 1.5 percent to $93.07, and a 3.9 percent decline this month. The data from Energy Information Administration is suggesting stockpiles will rise by 1.2 million barrels to 389.7 million last week, the most since July 1990. Crude supply is plenty, yet demand is not as bright. OPEC crude production soared in April to a five-month high led by gains in Saudi Arabia, UAE and Kuwait, according to Bloomberg. Output rose to 194,000 barrels or 0.6 percent increase to an average 30.948 million barrels per day this month from a revised 30.754 million in March, the survey of oil companies and analysts showed. The 12-member producer group is due to meet on May 31 in Vienna to review its output target.
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Gold demand was also seen in the Arabian Peninsula. Consumers have been rushing to buy gold in Dubai and Istanbul, as the biggest price retreat in three decades attracts consumers.In Dubai, gold wholesalers and bulk buyers could pay $6 to $9 an ounce more than a spot price to secure a 1 kilogram bar. Dubai is the largest gold-trading center in the Middle East, according to the Dubai Gold and Jewellery Group, an industry body that includes manufacturers and retailers. Trade was worth about $56 billion in 2011, up from $6 billion in 2003, according to data on the Dubai Multi Commodities Centre website. The Middle East represented about 9.4 percent of the global total last year, according to the World Gold Council. Bars have been cleared from display in the souks, according to Gerry Schubert, head of precious metals at Emirates NBD PJSC.
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