The price of gold continues to depend on the geopolitical situation. Thus, in Iraq, Haidar al-Abadi became the new prime minister instead of Nuri al-Maliki, but Maliki refused to resign and used special forces in Baghdad. Investors are awaiting development of the situation around humanitarian assistance from Russia for territory of hostilities in the east of Ukraine. Demand for gold also increased amid record low yield of American bonds and falling index of business confidence of the Eurozone by more than twice to 23.7. We look forward to continuing growth of quotations of gold in the medium term, on the background of the projected fall in global stock markets.
Oil prices continue to decline in the absence of disruptions of oil supplies from Libya and Iraq. In addition, the International Energy Agency said that oil demand will grow more slowly than previously anticipated. Demand for oil in the second quarter was lower than expected, and in the countries of OPEC the production of oil increased in July to 30.44 million barrels per day, due to the growth of production in Saudi Arabia and Libya. Also it is worth noting that the rating agency Moody's downgraded the outlook for global GDP growth to 2.8%, which also has a negative impact on oil prices. Today, a rise in volatility is expected after the release of data on oil and petroleum products inventories in the United States (14:30 GMT). Our medium-term outlook remains negative.