For people saying that this is a sign of the dollar dominance ending consider this.
Gold is valued in dollars.
Oil is valued in dollars.
Any gold for oil exchange will be decided by the going dollar rate of each.
Counter parties and middlemen assisting this trade will be hedging their positions with dollar settled derivatives traded on deep and liquid dollar markets.
Gold is valued in dollars. Oil is valued in dollars. Any gold for oil exchange will be decided by the going dollar rate of each. Counter parties and middlemen assisting this trade will be hedging their positions with dollar settled derivatives traded on deep and liquid dollar markets.