The gold price corrected down against the strengthening of the US dollar and the stabilization of the situation in the Chinese stock market. It is worth noting that investors remain wary of continuing instability and an interest in defensive assets remains high. Despite this, we expect a decline in demand for gold, which is now supported by purchases of jewelry in China before the celebration of New Year in early February. In the near future the price of gold will probably decline, but the fall in equity markets may lead to increased prices for the precious metal.
The price of Light Sweet crude oil futures continued to fall against the background of deteriorating outlook for global oil demand. It is worth noting that the demand for oil in China in November fell by 2% compared with the previous year. During previous years, China was the main driver for the growth of consumption in the world and supported prices. A stronger dollar is also negatively displayed on the price of oil. Traders are waiting for tomorrow's publication of oil and petroleum products inventories in the United States. We expect falling prices in the medium term, but do not rule out a correction.