The price of gold has shown strong growth on Friday after the release of a report on the US labor market, which disappointed investors and have pointed to a weakening of the positive momentum on the labor market in the United States. Thus, the number of jobs in September grew by only 142 thousand, vs. expected 201 thousand. The unemployment rate remained at 5.1%. This fact reinforces the confidence in later raising interest rates of the Fed, which is positive for gold. In addition, deterioration in expectations about US economic growth increases the demand for protective assets. The recent rise may have been unduly strong and we can see a weakening of quotations, but in the coming months, the growth of gold consumption in India and China will have a positive impact on the price of the metal.
The price of Light Sweet crude oil rose on Friday amid growing geopolitical tensions in the Middle East in connection with the Russian air strikes in Syria. It is worth noting that the weak labor market data in the US, where the number of jobs increased by 142 thousand compared with an expected growth of 201 thousand. This fact points to a decrease in oil consumption forecasts in the future. It is worth noting that the price is consolidating within a range of 44-47 dollars per barrel of oil for a long period and after the completion of the consolidation, we are waiting for a strong price movement. Our medium-term outlook remains negative.