The price of gold has stabilized near the level of 1090 dollars per ounce after a strong decline in the previous week due to increasing investor confidence in raising interest rates, which is negative for gold and supports the US dollar. The potential for further drop decreased and raising interest rates already is priced in. Support for gold is the holiday season in China and India, during which jewelry sales are growing. We expect prices to consolidate around current levels in the coming days, after which we can see the correction.
The price of Light Sweet crude oil continues to decline under the pressure of oversupply of oil on the market in spite of a number of factors that support oil quotes. Thus, in the OPEC announced an increase in demand in the future, due to low oil prices. In addition, China has increased imports of crude oil in October, by 9.4% compared with the same period last year, but reduced it to 5.7% compared to the previous month. Tomorrow, the dynamics of trading will be affected by the news on oil inventories in the United States. We expect a continuation of the negative dynamics of prices in the near future and maintain the medium-term negative outlook.