09.10.2015 - Oil shows a strong growth
The price of gold has restored positions and returned to an important level of $ 1,150 per troy ounce after the publication of minutes of the previous meeting of the Federal Reserve, which noted the need to monitor the impact of the global economic slowdown in the US and weak inflation. At the same time, the China Association of gold stated about the future growth in demand for the metal in the coming years, despite the negative trend in 2014. We recall that in the first half of the year consumption fell by 1.42% to 561.33 tons in China. In the coming months, the purchases will be more active due to the holiday season in India and China, which are the largest consumers of gold in the world. Today we can see the fixation of positions before the weekend.
The price of Light Sweet crude oil continues to show growth amid speculation on reduction in oil production in the United States, which dropped to 9,0-9,1 million barrels a day, compared with 9.6 million barrels a day in April. At the same time, the forecast for oil demand growth is due to its cheap price that encourages buying. Growth of inventories in the US restrain a positive trend. Today, investors are waiting for the publication of the report for Baker Hughes on the number of active rigs in the US. Rising prices of oil futures according to our forecast will continue in the near future.