02.09.2015 - Oil resumed its decline
The price of gold yesterday showed growth and came close to important level of $ 1,150 per troy ounce, but could not continue an upward trend and started to correct downwards. The main driver for the growth of quotations is volatility on global stock markets after the sudden devaluation of the Chinese yuan on August 11 which has led to a drop in major stock indexes in the world. In addition, it is worth noting the growth in demand for the metal in China and India, which are the largest consumers of gold and where demand traditionally increases in the fall and winter due to the holiday season. We expect a gradual increase in gold in the near future, but investors fear the Fed raising interest rates in September, which is displayed on a negative value of gold.
The price of Light Sweet crude oil started to adjust after strong growth over the past three days. It should be noted that the rapid decline due to the fixation position after unreasonably strong price growth caused by speculation on the possible beginning of the discussion of reducing the volume of oil production in the OPEC countries and forecast of decline in production of shale oil in the US at current oil prices. Today, the course of trading will affect the news on oil inventories in the US (14:30 GMT). Our medium-term negative outlook remains negative and we expect lower prices in the near future.