The price of gold continued to rise after the release of data on the labor market and retail sales in the United States, which did not meet analysts' expectations. This fact has led to weakening of the dollar and a fall on the stock markets of America. As a result, we have seen increased demand for defensive assets. Gold price dynamics may also be affected by clashes in Iraq and the worsening situation in Ukraine. We maintain a positive medium-term outlook for gold.
Oil prices rose sharply after the news of the seizure of the second largest city of Mosul in Iraq. Besides, now fighting continues for control over the country's energy facilities. At the same time, OPEC decided to keep oil production at 30 million barrels per day. Due to the deteriorating situation in Iraq, we are revising the medium-term negative outlook for the oil to positive.