The price of gold continues to stay near the level of $ 1200 per troy ounce, despite the strengthening of the dollar before the publication of data on the US labor market on Friday. It is worth noting that demand from Asian consumers is below the same period of the last year. Despite this, investors increased their investments in gold this week amid uncertainty over the prospects for further growth on global stock markets. Christmas rally may end in a few weeks and the market will need new incentives for growth. We assume the resumption of the downward movement of gold in the near future, which is limited by an average cost of production around $ 1100 per troy ounce. Our medium-term outlook remains positive.