The price of gold continues to consolidate around the level of 1290 dollars per troy ounce. It is worth noting that investors have become less responsive to geopolitical tensions in Ukraine and the Gaza Strip, and monitor the state of economy of the USA, as well as stock markets. In case of further decline on the stock markets, we can see an increasing demand for gold as a defensive asset. At the same time, demand for the metal in Asia remains weak. Despite the current decline in prices, we maintain a positive outlook for the medium-term.
The price of oil has corrected upwards, but still continues to fall on a background of oversupply of oil in Europe and a maximum in 4 months gasoline inventories in the United States - 218.2 million barrels. Military operations in Iraq and Libya has become less important factors for traders, when it became clear that they did not greatly affect the supply of oil, and the risks associated with them are already in the prices. Reduction of oil exports from Russia, will also have a more limited impact than was previously expected. We maintain a negative medium-term outlook for oil.