The price of gold dropped to 1285 dollars per troy ounce, after rising of quotations on a background of a deteriorating situation in Ukraine, in which was accused Russia. New sanctions against the Russian Federation supported the demand for gold, despite the fall in imports of the metal in China to a three-year low. In the near future the demand can be supported by holiday season in India, which is the second largest consumer of gold in the world after China. Expectation of the further strengthening of the dollar is the main obstacle to the growth of quotations of gold. We maintain our positive medium-term outlook for gold in the expectation of correction on the stock markets.
The price of oil began to rise due to a number of factors. On the one hand the United States and several European countries accused Russia of escalating conflict in Ukraine, which is likely to tighten sanctions against the Russian Federation. On the other hand the price of oil was supported by macro data on consumer confidence in the United States, which rose to 82.5 in August, against the previous figure of 79.2. Increase of American benchmark of oil according to our estimates will stop soon and we can see a continuation of the fall. Our medium-term outlook remains negative.