The price of gold continues to gradually decline amid growing investors’ confidence in the Fed's interest rate hike in December. At the moment, the market assesses the likelihood of such a step at the level of 50%. At the same time we should pay attention to the negative impact of strong data on construction spending in the United States, which rose to its highest level since 2008. This week, a strong influence on the course of trading will have the speech of the Fed's chairwoman Janet Yellen and publication of a report on the labor market in the US in October on Friday, which will lead to an increase in volatility. We expect increased investors activity and the resumption of growth after the completion of the local negative trend.
The price of Light Sweet crude oil is trading around the level of 47 dollars per barrel amid conflicting factors that affect the price of oil. Thus, the number of active rigs in the US fell last week by 16 units to 578, and OPEC cut oil production to 10.64 million bpd in October, against 31.76 million barrels per day in September. These figures are considerably higher than the quotas at the level of 30.0 million barrels a day. Russia said about the growth in oil production to 10.8 million barrels a day, which was the highest level in the post-Soviet period. In the coming months, we expect an increase in oil supplies from Iran, after the lifting of sanctions. Our medium-term outlook remains negative.