The price of gold continues to gradually decline amid growing investor confidence in the Fed's interest rate hike in December, which will be negatively displayed on the price of gold. In this regard, investors continue to closely monitor the statistics from the United States, which is able to influence the decision of the Federal Reserve, but in recent days it has been controversial. Thus, the weak growth in consumer income and consumption by 0.1% in September against the expected increase of 0.2% was compensated by positive data on Chicago manufacturing PMI, which rose to 56.2 in October versus 48.7 in September. We expect a correction in gold prices after the current negative momentum.
The price of Light Sweet crude oil rose slightly after the recent fall to 43 dollars per barrel and may continue to grow up to psychologically important level of $ 50 a barrel. Oil reserves in the US are the highest for the period since the 1930s. At the same time, OPEC crude oil production exceeds the quota of 30 million barrels a day for the 16th month in a row, and we do not expect to change the policy of the oil cartel after its meeting on 4 December. The slowdown in demand and excess supply on the market are the main reasons for the fall, which may accelerate after the lifting of sanctions against Iran, which will increase the offer by 500-700 thousand barrels per day immediately after the lifting of sanctions. Our medium-term outlook for oil is negative.