The price of gold yesterday declined significantly after the release of data on the labor market in the United States, where the number of unemployment claims rose to 302 thousand, which is 1 thousand, better than expected, and the previous figure was 279 thousand, which was the lowest level since 2000. Investors fear a more rapid rise in interest rates of the Fed, which will lead to a drop in the price of gold. Today the course of trading will depend on the data on the unemployment rate in the United States (12:30 GMT). Investors are still monitoring the situation in Ukraine, Iraq and Gaza. In the near future, we can see the decline in gold prices, but given the geopolitical risks and possible correction on global stock markets, we maintain a positive medium-term outlook for gold.
The price of oil continued to fall on the background of reports of increased oil production in the OPEC countries, despite the military conflicts in Iraq and Libya. At the same time, gasoline inventories in the United States continue to grow, and from the United States for the first time in 40 years was sent tanker with 400 thousand barrels of oil for export. Geopolitical risks are less supportive for oil prices, but on the contrary, a decrease of global GDP leads to a weaker demand for fuel. We maintain a medium-term negative outlook for oil prices, but it's recommended to monitor geopolitical news.