The high level of demand for gold continues to support the growth of quotations. Fears of global economic slowdown and the fall on the stock and commodity markets has led to an increase in prices of defensive asset. In addition, the decline in bond yields has led to an increase in the attractiveness of investing in gold. Investors are waiting for tomorrow's publication of statistics on the US labor market. We expect continued growth in prices in the near future to the level of 1400 dollars per troy ounce.
The price of futures for Light Sweet crude oil rebounded after a sharp decline previously. The pressure also was concerns about weak growth in demand for oil and the growth in the number of active drilling rigs in the United States. In addition, increased investment activity in the sector, which will lead to rise in production in future periods. The sharp rise in oil prices is possible in case of strikes on oil facilities in Norway. Today, the market volatility will increase in connection with the publication of important statistics on inventories of oil and gasoline in the US (15:00 GMT). In addition, investors will pay attention to the data on the volume of production in the United States. We forecast a drop of oil in the near future and medium term.