Yesterday, the World Gold Council published its report in which pointed out a drop in demand for gold to the lowest level in 5 years in the third quarter of this year. The report stated that the demand for the metal fell by 2% to 929.3 tons compared with the same period of the last year. Jewelry demand during this period fell by 4% per annum, the demand from industry decreased by 5%, purchases of coins and ingots were down 21%. Total investment demand for gold rose by 6%, which was caused by the growth of purchases by the national banks. At the moment, the main reasons for the reduction in the price of gold remains weak demand in Asia and the growth of the stock markets, which reduces interest in defensive assets. We maintain a positive medium-term outlook for gold, but assume the possibility of a drop in prices to the level of 1100-1120 dollars per troy ounce.