The price of gold showed a moderate growth within a downtrend on the news that the US President has called strong dollar a problem for the economy, but the White House did not confirm this statement. At the same time, investors continue to closely monitor the negotiations between Greece and creditors. We recall that on June 19, the country is obliged to pay approximately 1.6 billion euros of debt to the IMF. Greek representatives called the proposal creditors on reform absurd. In the near future, is likely the increase of the demand for defensive assets. Interest in gold in Asia remains low. We expect growth of quotations of gold in the medium term, but the decline may continue in the near future.
The price of Light Sweet crude oil continues to consolidate around the level of 59 dollars per barrel after the OPEC meeting at which was taken the decision to keep oil production quotas at current levels of 30 million barrels a day. At the same time, the cartel noted the growth in demand and expectation of achieving a balance of supply and demand, but at the moment the excess of oil on the market continues to put pressure on the quotes. Until June 30 should conclude negotiations on Iran's nuclear program, which are likely to lead to the lifting of sanctions on oil exports. We expect increased volatility on the news during the negotiations and maintain the medium-term negative outlook on oil.