09.12.2014 - Oil continues to update the minimums

The price of gold has resumed growth against the weakening of the US dollar. Investment funds continue to gradually build up gold reserves amid concerns about the prospects of further growth on global stock markets. It is worth noting the traditional increase in demand for gold in Asia due to the holiday season. Despite this, gold consumption in the region is lower than last year due to the rise in price of the US dollar. Today, the price volatility will be low, and its growth is expected on Thursday after the publication of data on the US labor market. We maintain a positive medium-term outlook for gold.

The price of oil continued to fall yesterday against the background of statistics from Asia. Thus, the fall of Japan's GDP in Q3 was revised from -0.4% to -0.5%. At the same time, in China was published the trade data, according to which the country imports in November fell by 6.7%. We recall that China is the second largest oil consumer after the United States. Investment companies are now revising their forecasts for oil and expect that the peak of overproduction will be in the second quarter of 2015, which will contribute to further drop in prices of oil. We see no reason to change the current downward trend and forecast that oil prices will continue to decline in the near future.

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