The price of gold continues to fluctuate around the levels of 1065-1080 dollars per troy ounce in anticipation of the Fed statement on monetary policy next week. The expected increase in interest rates of the Fed has a negative impact on the price of the metal, but this factor is already included in the price and investors will pay attention to the rhetoric of the Fed regarding plans for further increases in interest rates. Demand for physical gold remains elevated due to the holiday season in China and the growth of purchases by the People's Bank of China, which purchased 21 tons of gold in November. We are waiting for the Fed statement on monetary policy and the market's reaction to it, and then we will revise the forecasts.
The price of Light Sweet crude oil showed a correction after the sharp fall caused by the lack of consensus on oil production quotas in OPEC. Weak data on exports and imports in China, which fell by 6.8% and 8.7% for the year put pressure on the price of oil. The expected strengthening of the US dollar and the lifting of sanctions against Iran, which will increase the supply of oil on the market by 1 million barrels will adversely affect the price in the medium term. Today, the dynamics of trading will be affected by the news on oil inventories in the US (15:30 GMT), which are near the highest level in 80 years. Our medium-term outlook remains negative, despite a decline in the capacity of falling prices.