The price of gold continues to consolidate around the level of 1080 dollars per troy ounce. Support for prices is the increased demand in China before the celebration of the New Year, which will be held in the country in early February. At the same time, the increase of geopolitical tensions in the Middle East is the reason for the increased interest in defensive assets, but according to our estimates will have a short-term impact on the course of trading. New impulse for the growth of the price of gold was the news of the hydrogen bomb test in North Korea. The tightening of monetary policy in the US will continue to put pressure on the gold price, and only substantial correction in the US stock markets will be able to keep from falling gold to 1000 dollars per troy ounce. Our medium-term outlook is negative.
The price of Light Sweet crude oil continued to decline against the background of the revaluation of the risks associated with the breaking of diplomatic relations between Saudi Arabia and Iran. It is worth noting that Saudi Arabia has lowered the price of oil for European consumers. The growth of oil supplies from Iran, after the lifting of sanctions will continue to put pressure on the oil quotations in the near future. Today, the course of trading will affect data on oil inventories in the US (15:30 GMT). We expect a continuation of the negative dynamics of price in the near future and in the medium term.