The price of gold continued to consolidate in anticipation of new incentives. Investors' concerns about the situation in the UK declined after it became known that the next prime minister will be Theresa May. It is worth noting that the US stock indexes have updated historical highs, but investors fear the correction after the strong growth that will lead to increased demand for safe assets like gold. Strong movement is expected on Friday after the release of Chinese GDP and inflation data in the US. We anticipate continued growth of gold in the near future.
The price of futures for Light Sweet crude oil has reached an important level of 45 dollars per barrel amid the recovery of supply from Nigeria and Canada, as well as the growth of production in Iran and Saudi Arabia, which compensates for the decline in US production volumes. At the same time drilling activity in the US continued to grow after a strong decline in the last 2 years. The rumors regarding the soon completion of the formation of strategic reserves in China, which will lead to a decrease in the volume of oil imports in the country, also have a negative impact on the dynamics of oil. Investors are waiting for tomorrow's publication of statistics on oil inventories in the US. Our medium-term outlook remains negative.