The price of gold continues to decline gradually. The reason for the drop in prices yesterday was the growth of the US dollar, the expectation of earlier increase in interest rates by the Fed, as well as growth on the US stock markets. It is worth noting that the number of initial unemployment claims in the US fell to 289 thousand, versus the expected 306 thousand. At the same time retail sales unexpectedly fell by 0.6% against the expected growth of 0.3% in February. Given the rise of the dollar and the expectation of rising interest rates by the Fed, we expect a further fall in the price of gold in the near future, but our medium-term outlook remains positive.
The price of Light Sweet crude oil continues to decline on weak statistics on retail sales in the US, which in February fell by 0.6%. At the same time, investors will continue to evaluate the data on the growth in US oil inventories. Oversupply of oil and concerns about the reduction of oil storage capacities put pressure on quotes of the black gold. Strengthening of the US dollar also puts pressure on oil prices. Today, the course of trading will be affected by the data on consumer confidence in the US (14:00 GMT). We see no reason to change the negative trend in the medium term, but we can see a slight increase in prices today.