The price of gold showed a strong rise on Friday against the background of negative statistics on the US labor market, where the growth of wages in the second quarter slowed to 0.2% in the second quarter, which was the lowest rate since 1982. Analysts had forecasted a slowdown to 0.6%. In this regard, the price of the US dollar fell sharply and demand for gold has increased. Demand for the metal in China and India remains low and will probably start to grow only in the autumn in connection with the beginning of the holiday season in the region. The main attention of investors will be focused on US monetary policy tightening which will negatively affect the gold. We expect a drop in prices in the near future, but do not exclude a correction.
The price of Light Sweet crude oil has continued to fall against the backdrop of a number of fundamental factors, including the growth of oil production in the OPEC countries, which totaled 32.01 in July million barrels per day, against 31.87 million barrels per day on average in June. It should be noted that the level was the highest since 2008, but then OPEC also included Indonesia. On Friday was also published statistics on the number of active drilling rigs for oil in the US increased by 5 to 664 units. Falling number of active drilling rigs stopped in recent weeks, but the volume of oil production is still near historical highs. Given the soon end of season of trips in the United States and concerns about demand for oil in China, we expect a further fall in the price of oil, but its potential is reduced.