08.12.2014 - Data on the US labor market, could not change the dynamics of oil prices
The price of gold fell sharply on Friday amid positive data on the US labor market. So, the unemployment rate remained at around 5.8%, which coincided with forecasts of analysts, but the number of new jobs outside the agricultural sector of the United States totaled 321 thousand, against 231 thousand expected. The data is so exceeded expectations that investors have begun to talk about the possibility of rising interest rates by the Fed in the first half of 2015. Despite this, the decline was limited due to increased demand for physical gold from central banks and consumers in Asia. Thus, Turkey's gold imports increased 2 times, to 46.9 tons. We maintain a positive medium-term outlook for gold.
The price of Light Sweet crude oil has continued to fall despite positive data on the US labor market. Investors have negatively perceived statement from Saudi Arabia to lower oil prices to consumers in Asia, America and Europe. It is worth noting that the growth in oil production in the US is slowing down, but an excess of oil on the market of 1.5-2.0 million barrels per day continues to put pressure on oil prices. Imports into China fell by 6.7%, which also negatively affected the mood of traders. We see no prerequisites for changing the current negative trend and expect continuation of the fall in oil prices to $ 60 per barrel.