The price of gold yesterday corrected downwards after the growth of the previous days. A drop in prices was caused by the strengthening of the US dollar against the background of statistics on the labor market and inflation in the country. Thus, the core consumer price index in the United States that does not include the price of food and energy showed an increase of 0.2% compared to the forecasted increase of 0.1%. The number of initial unemployment claims in the US fell to 255 thousand, which was the minimum value since 1973. Investors are still trying to estimate the probability of the Fed raising interest rates this year and inflation increases the likelihood of this scenario. The rise in prices may continue against the background of raised interest in the defensive assets and the festive season in Asia, during which jewelry demand increases. We expect growth rates in the near future.
The price of Light Sweet crude oil fell yesterday against the strengthening of the US dollar after the statistics on inflation in the US as well as in connection with the release of data on US crude oil inventories, which rose unexpectedly by 7.6 million barrels in the week compared to the forecast of increase by only 2, 2 million barrels. It should be noted that this is partly due to refinery maintenance before switching to the production of winter fuel. Oil production continues to decline, but it cannot compensate a significant oversupply on the world market. We expect a continuation of the negative dynamics of oil prices in the near future to the level of 44 dollars per barrel.