14.07.2015 - Today may sign an agreement on the lifting of sanctions against Iran

The price of gold continues to gradually decline against the strengthening of the US dollar, which is caused by expectations of higher interest rates of the Fed this year. The probability of more than one raising of interest rates is above average. Despite this, we note that the future tightening of monetary policy in the US, which negatively affects the gold price has already been partially priced in. It should be noted that demand in China remains weak against the background of the increased interest in the stock market, which resumed growth after a strong fall. Reduction potential is also low and is limited by the levels near 1100 about which we forecast to resumption of purchases. Our medium-term outlook for gold remains positive.

The price of Light Sweet crude oil has continued to decline due to news on the negotiators on the nuclear program of Iran's willingness to sign today an agreement under which the sanctions on oil exports from Iran will be lifted and will allow the country to increase the export of oil by more than 1 million barrels per day till the end of this year. Support for oil was the news about the growth of oil imports in China to 7.18 million barrels per day in June, an increase of 27% compared to the same period last year. At the same time, this fact indicates a probable drop in oil demand in the near future in connection with the filling of strategic reserves of the country. We expect a drop in oil prices in the medium term.

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