The price of gold corrected upwards against fixing positions before the weekend as well as in connection with the negative statistics on import prices in the US, which in March fell by 0.3%, which is negative for inflation in the country, as well as adversely affects the position of American manufacturers on domestic market. Weak data on China's trade surplus, which surplus was only 3.1 billion, vs. expected 43.4 billion adversely affected the price of gold. We recall that China is a major consumer of gold in the world. Demand from investment funds also remains low amid growing of stock indexes. We maintain a positive medium-term outlook for gold.
The price of Light Sweet crude oil showed growth amid expectations of a later lifting of sanctions against Iran, which should lead to an increase in oil exports in the world market. At the same time, Saudi Arabia announced the possibility of higher oil prices, but only in the case of a similar move by other oil exporters. On the other hand US crude inventories continue to rise against the background of the imbalances of supply and demand of oil, but this situation can change due to the seasonal increase in demand for oil and a possible reduction in oil production. We maintain our medium-term negative outlook on oil with a potential drop to $ 40 per barrel.