The price of gold continues to consolidate around the level of 1170 dollars per troy ounce. On the one hand the growth of the US dollar negatively affects the gold price, but on the other hand, the demand for defensive assets can grow on the background of the Greek crisis, which may lead to the exit of Greece from the Eurozone and the negative consequences for the financial system of the European Union. Consumption of gold in Asia is still weak, and active buying will resume in the autumn and winter. We forecast growth of gold prices in the medium term, but the decline may continue in the near future.
The price of Light Sweet crude oil continues to fall against the backdrop of a number of fundamental factors. Thus, the Greek crisis could potentially lead to a decrease in oil consumption in Europe due to the negative impact of its effects on the economy of the entire Eurozone. The deal for the lifting of sanctions against Iran may be signed today, which will increase the surplus of oil on the market by 1 million barrels per day. The number of active drilling rigs rose last week for the first time this year, China's crude oil imports fell by 10% for the year, after the increase in demand during the low commodity prices. One of major factor that puts pressure on the oil remains the growth of oil production in the OPEC countries, which exceeded 32 million barrels a day. We expect a further fall in prices in the medium term and recommend holding short positions on oil.