India will pay in gold for Iran's oil

Note: This section contains information in English only.
Source: Commodityonline
India agreed with Iran to pay for oil purchases in gold rather than in the US Dollars, DEBKA reported. Paying in gold India allows Iran to bypass the forthcoming freeze of the central bank assets and oil embargo. India is the first buyer to pay in gold but experts predict China is likely to follow the trend. Both China and India are the largest oil consumers and possess large gold reserves. In case more countries will follow the India's suit, the gold is likely to appreciate, depressing the US Dollar globally.




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