The price of gold at the moment shows a slight growth on the end of a truce in Ukraine, after which Ukrainian forces passed to the offense and probably will end anti-terrorist operation in the coming weeks, which should reduce the demand for defensive assets. At the same time has intensified military operations in Iraq. It is worth noting that investors expect the release of data on the U.S. labor market on Thursday, as well as the ECB's decision on interest rates. Demand for physical gold remains weak. We maintain a medium-term positive outlook for the gold price.
Volatility in oil prices increases on the backdrop of intensified military operations in Iraq and Ukraine. Iraqi government still controls about 95% of oil production capacity in southern Iraq and previously declared its intention to increase the export of oil from the current 3.5 million barrels of oil per day. Positive factor for oil prices were also the news about the growth of industry in China, which is the second largest oil consumer in the world. We expect that the price of oil will continue to grow in the medium term.