The price of gold showed a sharp increase after reaching important level of 1080 dollars per troy ounce. The reason for the sharp increase was the weakening of US dollar and an increase in demand for defensive assets due to investors' concerns about the situation in China, where was previously recorded drop of yuan and stock indexes. Support for gold also was the information from the World Gold Council, according to which in November, the gold reserves of central banks rose by 55 tons, against an increase of 29 tons in October. The fall on the stock markets and increased consumption of jewelry in China before the celebration of the New Year will support the gold price, but expect that the Fed raising interest rates will continue to put pressure on the gold prices.
The price of Light Sweet crude oil showed a sharp decline after the publication of a report on oil reserves in the US, which grew by only 0.2 million barrels, against the forecast of 1.9 million barrels. At the same time, the current volume of inventories is 482.6 million barrels that is about the highest level in the last 80 years for this time of year. Oil production in the US rose to 9.227 million barrels per day. We expect a continuation of the negative dynamics of oil prices against the background of the expected growth in imbalance of supply and demand due to the increase of oil supplies from Iran, after the lifting of sanctions against the country. Our medium-term outlook remains negative.