The price of gold continues to be at high levels, despite the strengthening of the dollar, which was caused by positive data on the U.S. labor market where the number of non-farm payrolls rose to 281 thousand, against an expected growth by 207 thousand confrontations in Ukraine and Iraq doesn't stop that keep the risks for investors. Investment funds backed by physical gold continue to accumulate positions, despite weak demand in Asia. Correction on global stock markets may increase the interest in gold. We maintain our positive outlook for the medium-term.
The price of U.S. benchmark Light Sweet crude oil accelerated decline on news that in Libya will be open 2 terminal to export oil. According to data released yesterday, U.S. crude stocks fell by 3.2 million barrels against the forecast of decrease of 2.2 million barrels. Today the course of trading will be affected by the employment data in the U.S. (12:30 GMT). The market is already counted in the price the geopolitical risks related to the situation in Iraq and Ukraine. We expect that the price will continue to decline, but the negative geopolitical news may once again raise the price of oil.