The price of gold stabilized near the level of 1170 USD after strongly decreased after the Fed statement on monetary policy. In addition, the demand for gold from investment funds falls amid rising stock markets. Gold demand from Asian investors remained high due to the holidays in the region. This week, the gold price will depend on the data on the US labor market on Friday. Demand for gold may rise in case of reduction in global stock markets. Today it is worth paying attention to the data on the manufacturing PMI in Eurozone (09:00 GMT) and the US (15:00 GMT). We maintain a medium-term positive outlook on gold due to the low potential for further falls.
The price of oil continues to decline amid the maximum level of oil production in the last three decades, besides the production of oil in OPEC countries is at a 14-month high. Negative for the market has become the data on personal spending of consumers in the US, which fell by 0.2%, after rising 0.5% in the previous period. The rise in volatility is expected later in the week after the publication of data on the US labor market. We maintain a medium-term negative for oil due to lower forecasts for global growth, weak consumption in Europe and Asia.