The price of gold showed growth after some consolidation. The reason for the reduction of quotations was the weakening of the US dollar after the publication of statistics, according to which the labor productivity in the US fell by 0.5%, against expected growth of 0.5%. The demand for defensive assets also supported by uncertainty about the future growth prospects of the stock markets and in case of correction of stock indexes the gold purchases will increase. Our medium-term outlook remains positive, and we expect reaching the level of 1400 dollars per troy ounce in the coming months.
The price of Light Sweet crude oil continued to consolidate after recent gains caused by both technical factors and increasing speculation about a possible freezing of oil production volumes in the OPEC cartel members after the meeting that may be held in late September. According to our estimates, such a scenario is unlikely, and a drop in prices will continue. Excess of supply in the world and the growth of drilling activity in the US will continue to put pressure on the price in the near future. Our medium-term outlook remains negative and volatility today will grow in connection with the release of important statistics on oil inventories in the US (14:30 GMT).