The price of gold slightly corrected against the strengthening dollar. Investors prefer to buy dollar assets on the background of decline of other world currencies. Investors gradually increase investment in gold due to the correction on the global markets. We expect further growth of quotations of gold in the expectation of growth in sales of jewelry in Asia before the holiday season. The course of trading today will be affected by the retail sales data (12:30 GMT) and the publication of the Beige Book (18:00 GMT). We maintain our positive outlook for the medium-term and recommend holding long positions in gold.
Oil prices fell sharply yesterday after news that the International Energy Agency reported that oil demand this year will show the slowest growth since 2009. The report also pointed on the weak demand from China and Europe against the background of large world inventories. Forecast of oil consumption was reduced by 200 thousand barrels per day to 92.4 million barrels. Falling prices also continued in connection with the preservation of the current outlook in oil production of OPEC countries. Another negative factor for oil is the expected growth of Iranian oil supplies to the market due to the expected reduction of sanctions against the country. At the moment, we see no reason to change the negative trend and maintain a medium-term negative outlook for oil.