08.04.2016 - Gold rose on a background of falling stock markets
The price of gold showed growth against the background of decline on stock markets of the US and the world, which increased the demand for defensive assets. Investors are awaiting for the start of the corporate reporting season in the US, which will start on April 11 with the report the company Alcoa. It should be noted that the weakening of the dollar and reduction of the likelihood of the Fed raising interest rates during the next meetings of the regulator had a positive impact on gold. In case of continued negative dynamics on the stock markets, the price of gold may rise to 1300 dollars per troy ounce, but our medium-term outlook remains negative due to the expectation of the Fed raising interest rates this year.
The price of Light Sweet crude oil yesterday showed growth against the backdrop of fixing positions before today's publication of a report on the number of active rigs in the United States. It is worth noting that Iraq stated about the increase in the volume of oil exports from the southern ports to 3.49 million barrels per day, that is by 0.2 million barrels per day more than the average for March. Speculations regarding the meeting of representatives of major oil producers in the Doha on April 17 will maintain volatility at a high level, but we do not expect the real impact of this meeting on the situation with an excess of oil on the market. Our medium-term outlook remains negative.