The price of gold has not changed much over the past few days. After a strong decline, the quotes of metal are consolidated near the strong level 1244 dollars per troy ounce. Traders expect today's decision by the ECB on future monetary policy in the euro area, as well as the employment report in the U.S., which will be released tomorrow. Demand for defensive assets remains low due to the growth on global stock markets, but may increase in case of a significant correction of stock indexes. We expect the resumption of growth in gold prices in the medium term and keep long-term positive outlook.
The price of U.S. benchmark Light Sweet crude oil rose yesterday after data on reduction of oil inventories by 3.4 million barrels, but the increase was short-lived and quotations for commodities started to decline again. Further price movement will depend on the decision of the ECB on monetary policy and data on unemployment in the U.S., which will be released tomorrow. Oil prices are falling against decrease of geopolitical risks associated with Ukraine and due to rising exports from Libya, as well as due to the increase in oil production in OPEC countries. We expect the further decline in oil prices and keep a medium-term and long-term negative outlook.