Demand for gold continues to rise gradually amid fears of investors about a possible reduction on the stock markets of the world, as well as due to the deteriorating outlook for global growth. Particular attention investors are paying to the problems in the euro area, where industrial production continues to reduce the rate of growth. In addition, investors have a negative view on protests in Hong Kong, as well as the continuation of military operations in Iraq and eastern Ukraine. Demand for the metal from consumers in China and India is lower than last year, but may increase due to holidays in China and India. Strengthening of the dollar will slow down according to our forecasts, which will weaken the pressure on the price of metal. It is worth noting that the middle cost of production of gold is about 1100 dollars per ounce, and therefore the potential for further reduction is limited. We recommend holding long positions in gold and maintain the positive forecast with the medium-term objectives at 1265, 1290, and 1330 dollars per troy ounce.