The price of gold continued to decline against the background of the attractiveness of risky assets, as well as lower demand for defensive assets in connection with the payments by Greece on the loan from the IMF. At the same time, the Greek crisis will continue to keep the volatility high. Tomorrow is forecasted the increase of activity of traders in connection with the publication of important statistics on the US labor market. Reduced physical demand continues to put pressure on the gold price, but in the case of correction on the stock markets, interest in gold will rise. We maintain a positive medium-term outlook for gold.
The price of Light Sweet crude oil corrected downwards despite the drop in US oil inventories by 3.9 million barrels, against the forecast of growth of 1.3 million barrels per day. At the same time, closing the port for exports of oil in Libya supported the quotations of oil, but traders have immunity to the news from Libya. It should be noted that Iran has announced its intention to restore its position in the oil market after the lifting of sanctions, which should happen in the case of reaching an agreement on Iran's nuclear program until 30 June. Our medium-term outlook for oil remains negative because of the persistence of excess oil supply on the market.