The price of gold has restored some of the previously lost ground, due to different moods among Fed officials regarding the issue of increase interest rates in the US. Next week will be a meeting of the Federal Open Market Committee at which may decide to tighten monetary policy in the country. Strong influence on the regulator's decision will have data on the consumer price index, which will be published on Friday. The growth in demand for gold in the coming months may continue against the background of the increased interest in defensive assets against the background of falling stock markets, as well as due to the holiday season in India and China, during which are growing jewelry sales. Our medium-term outlook remains positive, and we are waiting for strong movements in the near future.
The price of Light Sweet crude oil show elevated levels of volatility, but the dynamics remained negative due to lower probability of achieving an agreement between the major producers of oil at a conference in Algeria that will be held in late September. It is worth noting that in the United States continues to increase drilling activity that together with an increase in production in OPEC countries will continue to put pressure on the quotes. Support for the price today has become the data on the acceleration of industrial production growth in China by 6.3% in August from 6.0% a month earlier. Tomorrow a strong influence on the course of trading will have news on the US stocks. Our medium-term outlook remains negative and we expect a decrease in the near future.