The price of gold has shown a positive dynamics yesterday against the backdrop of a weakening US dollar, but could not continue to grow today. The reason for the increased demand for the precious metal became weak data on Chicago’s manufacturing PMI, which fell to 47.6 in February from 55.6 in January. Today, the dynamics of trading will affect the news on the manufacturing PMI and construction spending in the US (15:00 GMT). Demand in China remains high and investors in the world continue to increase investment in gold as a defensive asset amid uncertainty on the stock markets. We maintain our medium-term negative outlook, but do not exclude the continuation of growth in the near future.
The price of futures for Light Sweet crude oil showed growth amid the news about the accident on the pipeline in Nigeria as a result of which until April delivery of oil from the country will be reduced by 250 thousand barrels per day. In addition, the decrease in the number of active rigs in the United States to 400, the lowest level since 2009, have a negative impact on investors' expectations. Negotiations of major producing countries on the reduction of production volumes according to our forecasts will not bring results, and excess of oil will remain against the back of increasing the volume of supplies from Iran. Our medium-term outlook remains negative, and growth in the near future may only be short-term.