Iran Opposes Higher Oil Prices, Signaling Divide With Saudis

Crude Oil

Gold Silver Reports (GSR) – Iran Opposes Higher Oil Prices, Signaling Divide With Saudis — Brent crude futures surged to almost $75 a barrel on Friday as traders braced for the possible re-imposition of U.S. restrictions on Iran. The Persian Gulf country’s regional arch-rival Saudi Arabia is said to want crude closer to $80 a barrel, in part to support a stake sale in state energy giant Aramco. The OPEC nations continue to clash in proxy conflicts from Syria to Yemen.

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Gift to Family Helps Wipe $2.6 Billion Off PC Jeweller Share Price

Gold Silver Reports (GSR) – Gift to Family Helps Wipe $2.6 Billion Off PC Jeweller Share Price — PC Jeweller Ltd. slumped about 40 percent in the past week after the company said that one of its founders, P.C. Gupta, made the gifts in off-market trades. While the shares rebounded 44 percent Friday, they’re still down 70 percent from the Jan. 19 record and the company’s market value has shrunk to 68.9 billion rupees ($1 billion).                      

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Gold (CME) Continues Its Slow Trading

Gold Silver Reports (GSR) – Gold (CME) Continues Its Slow Trading – The silver (CME) prices have been locked in a range for many months now. There was a period of few days when the prices did breach above the $17 mark but that move was met with some strong selling at that time and since then, we have seen the prices drop down below the $17 region which marks its re-entry back into the original range. This is set to continue for the short and medium term as well.                      

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Zinc Slides to Nine-Month Low on LME; Teck signs Annual Zinc Concentrate supply Deals; Nyrstar Earnings Drop 5% in First Quarter

Gold Silver Reports (GSR) – Zinc Slides to Nine-Month Low on LME; Teck signs Annual Zinc Concentrate supply Deals; Nyrstar Earnings Drop 5% in First Quarter — Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Thursday May 3, with zinc diving to its lowest point since August 2017. Read more in our live futures report.

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South African Gold Producers Reach Lung-Disease Settlement

Gold Down as Equities Up Ahead of Fed Policy Meeting

Gold Silver Reports (GSR) – South African Gold Producers Reach Lung-Disease Settlement — The agreement provides for compensation for all eligible workers suffering from silicosis or tuberculosis who worked in the companies’ mines at any point since March 1965, the parties said in a statement Thursday. The six producers, which also include AngloGold Ashanti Ltd. and Gold Fields Ltd., last year set aside about 5 billion rand ($390 million) to settle the lawsuit. The settlement will be submitted to South Africa’s South Gauteng High Court for ratification.

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Iranians Go for Gold Amid Currency Turmoil, U.S. Tensions

Gold prices rise over 4% in January 2025

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.

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