The price of gold corrected after reaching the important level of $ 1,150 per troy ounce. Negative for gold was the rally on the stock markets, which has led to a drop in demand for defensive assets. In addition, the IMF said that in the United States almost achieved the necessary goals to start raising interest rates, but at the same time pointed out the risks and negative aspects of this step. It is worth noting that the World Gold Council has published information about the growth of the gold reserves of central banks by 47 tons. The main buyers of gold were China and Russia. The increase in volatility is expected today after the publication of minutes of the previous meeting of the Federal Reserve. We expect the price decline in the near future.
The price of Light Sweet crude oil corrected down after a strong increase in the previous trading session. The reason for the fall was fixing positions due both to technical factors, as well as statistics on US crude stocks, which rose last week by 3.1 million barrels compared to the expected increase of 2.2 million bpd. This fact points to the weak influence of the fall in oil production in the US inventory levels. Support for oil was a report of the Energy Information Administration, according to which the forecast of oil consumption in China has been raised in 2016 to 11.48 million barrels per day, against 11.41 million barrels per day earlier. Oil demand in the world will grow to 95.2 million barrels per day next year. Average daily oil production in the US next year will fall to 8.86 million barrels compared to 9.25 million barrels this year. Recent trends force us to revise the outlook on oil. We are waiting for new signals and expect continued consolidation around current levels in the near future.