The price of gold corrected downward after strong growth last week. After the publication of strong statistics on the US labor market on Friday, the likelihood of the Fed raising interest rates after the meeting on 15-16 December has become extremely high. This scenario is already included in the price and dynamics of gold will depend on fundamental factors. At the moment, support for the quotes is the increased demand from Chinese consumers due to the festive season in a country where jewelry sales are growing. We expect a further decline in gold prices in the near future, but do not rule out a correction.
The price of Light Sweet crude oil showed a strong decline at the start of the trading week in connection with the refusal of the OPEC from quota on oil production at 30 million barrels a day. Countries of the cartel will likely continue to produce about 31.5 million barrels a day. The quotas will be revised next year after growth oil supplies from Iran that followed the lifting of sanctions against the country. Growth of excess supply on the market will continue to put pressure on the price of oil. Expectation of a mild winter in North America and Europe is also negatively displayed on the price. Rising volatility is forecasted tomorrow after the release of the report on stocks in the United States. Our medium-term outlook remains negative.