The price of gold continues to grow steadily, due to the growing interest in defensive assets amid signs of weaker growth in Chinese economy and the fall on the stock markets. Seasonal factors related to the holiday period in China and India, also contribute to the growth of quotations of the metal. The main factors that affect the investors' expectations about the price of gold is the forecast on the timing of rising interest rates by the Fed, which has a negative impact on the gold price. We expect increased volatility after the release of data on retail sales today (12:30 GMT) and inflation in the US tomorrow. In the near future, growth may continue.
The price of Light Sweet crude oil shows a fall in spite of the news about the growth of China's oil imports by 8.8% over the past 9 months. It should be noted that despite the increase in demand in China, which is the second largest oil consumer after the United States, prices remained under the pressure from slower demand growth in the world and saving the oversupply of oil, which will increase after the returning of additional volumes of oil from Iran after the lifting of sanctions. The International Energy Agency previously issued a report according to which the excess of oil supply will remain in 2016. We expect the fall in oil prices in the medium term, but after the recent fall may see a correction today.