The price of gold shows a moderate growth amid uncertainty regarding the payment of about 1.6 billion euro on the IMF loan by Greece. At the same time, the weakening of the US dollar supports the growth of quotations of gold. Demand from investment funds remains weak despite the decline of the stock indexes. At the same time, Asian consumers are not rushing to buy gold due to seasonal factors and the expectation of further price reduction. Our medium-term outlook remains positive, but the price decline is likely in the near future.
The price of Light Sweet crude oil has continued to rise on expectations of today's publication of statistics on oil reserves of petroleum products in the US (14:30 GMT). The number of active rigs in the US continues to decline for 26 weeks in a row, indicating a likely decline in oil production in the US, which will reduce the imbalance between supply and demand on the oil market. At the same time before the end of the month should be completed talks on Iran's nuclear program, which will lead to the lifting of sanctions on oil exports. The weak inflation in China, which slowed to 1.2%, stimulated the government to take additional measures to support economic growth in the country, which is the world's second largest oil consumer after the United States. We maintain a medium-term negative outlook and look forward for the signal to sell oil.