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Description:Gold prices have also been boosted by the recent crash in the oil market, with prices plunging by nearly 50% year-to-date as OPEC+ talks have stalled. Russia has refused to cut its own oil output, angering Saudi Arabia in the process. The Saudis on the other hand, feel that chronic overproduction has become a serious problem and wants to further limit output among members to protect the group’s interests as a whole. In response, Saudi Arabia has retaliated with a scorched earth policy, drastically slashing prices for its buyers. The result is that the lines have now been drawn for an ongoing price war between Saudi Arabia and Russia.
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