Venezuela Central Bank Begins Shipping 18 Tons Of Gold To UAE

Venezuela has sold and shipped three tons of central bank gold to the United Arab Emirates (UAE) on January 26 and is preparing to ship 15 more tons, according to Reuters. At today's spot price of $1,320 per ounce, the sale will total roughly $760 million USD. 

The shipment constitutes 11% of Venezuela's current gold reserves, and follows the export last year of $900 million of unrefined gold to the UAE and Turkey.