The price of gold fell slightly and continues to consolidate below the psychological mark of $ 1300 per troy ounce. Outflow of funds from the world's largest gold exchange-traded fund SPDR Gold Trust from the beginning of the year was more than 18 tons. Demand for the metal in Asia remains weak. Gold prices can be supported by the growth of geopolitical tensions and the fall on stock markets that are near historic highs. We keep medium and long term positive outlook for gold.
The price of Light sweet crude oil continued ascending movement amid expectations of a decrease in U.S. oil inventories for the second consecutive week. Today, the focus of traders will be on data on oil and petroleum products inventories in the U.S. (14:30 GMT). High oil prices are also supported by the tense situation in Ukraine. Despite this we maintain a long-term negative outlook for oil due to record levels of oil production in the U.S., the growth reserves of oil and the expectation of growth of supply from Iran.