The price of gold yesterday showed a decline against the strengthening of the US dollar in connection with the release of positive macroeconomic statistics in the country. Thus, the US retail sales rose by 1.2%, vs. expected 1.1%, while inventories increased by 0.4%, which is 0.2% better than analysts' expectations. Investors did not rush to accumulate positions before the meeting of the Fed on the next week, at which the regulator may hint at rise in interest rates, which will lead to an increase of the dollar and the fall of gold. Demand from investment funds and Asian buyers remains low. Despite this, we expect gold prices in the medium term.
The price of Light Sweet crude oil decreases against the strengthening of the US dollar despite the International Energy Agency forecast for growth of oil demand in the world by 1.4 million barrels this year to 94 million barrels a day. In addition, the agency's report indicated that production growth will continue and that a number of countries will show record volumes of oil production and exports. By the end of the month volatility on the market will be supported by the speculation about the lifting of sanctions against Iran. Our medium-term outlook for oil remains negative.