11.05.2015 - The number of drilling rigs in the US fell again
The price of gold resumed its decline against the strengthening of the US dollar. Statistics on the labor market in the US has not much impact on investors' expectations regarding increases in interest rates. Thus, the unemployment rate fell to 5.4%, in line with expectations of experts, and the number of jobs outside the agricultural sector rose by 223 thousand, against 228 thousand expected. Demand for gold in the world remains weak, which adversely affects his quotes. At the same time, we see that the price continues to move in the range of 1170-1220 dollars per troy ounce, which is caused by uncertainty about US monetary policy and the risks associated with the debt crisis in Greece. Interest in gold will grow in case of a fall on the stock markets of the world. We maintain a positive medium-term outlook for gold.
The price of the Light Sweet crude oil has resumed growth after reached the level of 59 dollars per barrel. The reason for the growth was the positive data on the US labor market, which should lead to an increase in oil consumption, as well as statistics on the reduction in the number of drilling rigs in the US 11. As a result, the number of drilling rigs has reached its lowest level since September 2010. It should be noted that an excess of oil on the market and the expected lifting of sanctions against Iran in June, will lead to a drop in oil prices to levels 50 and 40 dollars per barrel. Our medium-term outlook remains negative.