The price of gold fell on Friday amid rising US dollar, which was caused by the decision of the Bank of Japan to cut interest rates to a negative value of -0.10% vs. 0.10% previously. Today quotes resumed growth against a background of reducing the likelihood of higher interest rates of the Fed after was published weak data on US economic growth in the 4th quarter. Thus, during this period, GDP increased by only 0.7% against the forecast of 0.8% and increase of 2.0% in the third quarter. For 2015, GDP growth was 2.4%. The uncertainty on the markets will keep interest in gold as a safe haven for investment. According to our forecasts, the growth of the price of gold will continue today.
The price of futures on US benchmark Light Sweet crude oil stabilized on Friday and today resumed its decline. On the oil futures continue to push the excess of oil supply that is growing due to the increase in OPEC oil production to 32.6 million barrels a day in January. It is worth noting that this figure will continue to grow due to increased supplies from Iran after the lifting of sanctions. Speculation on a possible consensus between the major oil producers among which are OPEC, Russia and Mexico, will have a short-term impact on the price of oil due to the low probability of reaching an agreement on this issue. We expect falling prices in the medium term.