The price of gold rose to the psychologically important level of $ 1,200 per troy ounce. The reason for optimism was the fall of the US dollar. Investors did not rush to accumulate positions ahead of the publication of important statistics on the US labor market on Friday. It is worth noting the increased demand for defensive assets due to the uncertainty regarding the Greek debt restructuring and the probability of default of the country in the event of default on the loan the IMF on May 12. It is worth noting that according to the Thompson / Reuters, jewelry demand in China fell by 12% in the first quarter of this year, and the demand for physical gold in the world decreased by 9%. Our medium-term outlook for gold remains positive.
The price of Light Sweet crude oil continued to rise amid expectations the publication of statistics on oil reserves in the United States. Investors are waiting for the news on the reduction in the rate of inventories growth or a reduction in oil production in the United States. At the same time Saudi Arabia slightly raised the price of oil for consumers in Europe and Asia. According to our estimates growth of quotations of oil may continue in the near future, but it is worth recalling that in the coming months, investors' attention will be turned to the negotiations on Iran's nuclear program, which can lead to an increase in oil supplies to the world market. In addition, the excess of oil supply is maintained, which gives reason to expect a change of positive trend to negative and falling prices with the target at 50 dollars per barrel.