The price of gold yesterday continued to grow on the back of increased demand from investors. Quotes continue to consolidate near the level of $ 1200 per troy ounce in spite of a stronger dollar and positive data on non-manufacturing PMI in the US, which rose by 2.2 to 59.3. Investors' doubts about continuing growth in the stock markets have a positive effect on the demand for defensive assets like gold. Demand from Asian consumers remains weaker than last year. We forecast growth of price volatility tomorrow and keep a positive medium-term outlook for gold.
Falling of the price of Light Sweet crude oil continued despite the publication of data from the US, where oil reserves for the week fell by 3.7 million barrels compared with an expected increase by 1.1 million barrels. We recall that the main driver for the decrease was the decision of OPEC last week about keeping the quotas for oil production at 30 million barrels a day. In addition, it is worth noting that the growth of the world economy continues to slow down, while demand in Asia and Europe remains weak. Publication of data on the US labor market tomorrow will lead to increased volatility. We recommend holding short positions and maintain a medium-term negative outlook.