The price of gold is consolidating above $ 1,100 per troy ounce. Demand for gold in India was weaker than last year, but experts expect it to increase in the autumn. At the same time, Chinese consumers also have reduced purchases of metal following the recent increase in demand caused by a sharp fall on Chinese stock markets and concerns about the continuing crisis in the country. At the moment, the situation in China seems to be more stable in spite of the continuing instability. Investors will be focused this week on the Fed's decision on interest rates on Thursday. The tightening of monetary policy will lead to a drop in price of gold. We expect increased volatility this week.
The price of Light Sweet crude oil continues to consolidate in spite of the publication of the report on the number of active oil rigs, whose number has decreased by 10 units to 652. Even so, investor sentiment remains negative due to the oversupply of oil in the market and reduce the price of Iranian oil, which is trying to increase its share of the Asian market. Investors' concerns about slowing growth in China, also have a negative impact on oil quotations. Our medium-term outlook remains negative and we expect strong price movement after completion of the price consolidation.