The price of gold continued to consolidate after a strong decline earlier. The main factors that affects the gold price remains the demand for defensive assets, which fell slightly against the backdrop of rising stock markets and launching stimulus measures by the Bank of England, as well as investors' expectations regarding the timing of raising the Fed's interest rates this year, the probability of which has grown recently after the release strong statistics on the US labor market. In the near future gold growth can be resumed in case of correction on the stock markets. Our medium-term outlook remains negative and we expect a strong price movement after the consolidation.
The price of Light Sweet crude oil continued to grow gradually within the correction after renewed speculations about a possible freezing of the volume of oil production in the OPEC on the market at current levels, after an informal meeting of the members of OPEC, which may take place in late September. On the other hand, an excess of oil on the market, and the growth of drilling activity in the US over the past six weeks, will continue to put pressure on oil quotations. According to our estimates, the current growth will be short lived a decline will resume in the near future. Tomorrow will be published important data on US oil inventories. Our medium-term outlook remains negative.