The price of gold yesterday showed moderate growth on profit taking after falling in the previous weeks, as well as due to the weakening of the US dollar and uncertainty about the consensus between Greece and its creditors. Till June 19, Greece must pay about 1.6 billion euros to IMF. Consumption of gold in Asia remains low due to seasonal factors. Demand from investment funds may grow in the case of a significant reduction on the stock markets. We keep medium-term positive outlook for gold, but probably will see further price movement within a range of 1170-1230 dollars per troy ounce.
The price of Light Sweet crude oil yesterday stopped growing despite the publication of data on the reduction in US oil inventories by 6.8 million barrels, against the forecast of 1.5 million barrels. Daily production of oil in the OPEC rose to 30.98 million barrels a day. It is worth noting that at this point in the US is the petroleum consumption peak season, which will end in September. According to the OPEC forecasts an excess of oil on the market will decline in the coming quarters. We expect a decrease in prices in the near future to local minimums and maintain the medium-term negative outlook.