The price of gold rose slightly against the weakening US dollar. The focus of investors remains on the future decision of the Fed on monetary policy. Higher interest rates are negatively displayed on the value of gold, but such a negative would be partially offset by the traditional increase in demand for gold in India and China due to the holiday period. We are waiting for the Fed decision and the stabilization of the situation on the stock markets in China. We expect further consolidation of quotes within the range 1080-1120 dollars per troy ounce in the near future.
The price of Light Sweet crude oil showed strong growth yesterday, but was unable to continue it after the publication of a report on US crude oil inventories, which rose by 2.6 million barrels per day. In addition, OPEC is likely to increase oil production quotas after the return of Indonesia to the cartel, but the projected increase in the volume of production in the country is about 800 thousand barrels per day. Stable surplus of oil on the market, and Iran's attempts to increase market share by lowering prices, adversely affect the price of oil. We maintain a medium-term negative outlook and expect further drop in prices after the completion of its consolidation.