The price of gold continues to consolidate near the level of 1290 dollars per troy ounce, after yesterday when quotations fell sharply against the strengthening dollar, which was caused by strong data on non-manufacturing PMI, which rose to 58.7, compared with an expected 56.6, as well as growth of factory orders by 1.1% against the expected growth of 0.6%. Positive macroeconomic indicators in the United States improve confidence in more rapid raising of interest rates, which will reduce the demand for gold. Gold consumption in Asia also remains at a low level. Demand for gold may be increased due to the fall on the stock markets. We maintain our positive outlook for the medium-term.
Strengthening of the dollar has led to another decline in oil prices of Light Sweet. In addition, the reduction of workload of refineries had a negative impact on the price of oil, which will increase the oil inventories the data on which will be released today at 14:30 GMT. The cease-fire in the Gaza Strip, also contributed to the decline in prices, although the situation in the region remains tense. In the medium term, the price of oil, according to our estimates will continue to decline to the level of 92.00.