The price of gold stabilized after the recent fall, and investors are waiting for the results of the Fed meeting today (19:00 GMT). This year, quotations of the metal fell by about 10%, which was caused by weak demand from investors and the expected tightening of monetary policy in the United States. Raising interest rates is partially priced in, and the focus of investors will be on the Fed's plans for the further increase in interest rates. The increased demand for gold in China is one of the main factors that supported prices. We expect strong price movement today.
The price of futures for Light Sweet crude oil is corrected after falling to their lowest levels since 2008. The reason for the fall remain imbalances of supply and demand on the oil market, which increased after rise of supply of oil from Iran after the lifting of sanctions. As a result, the country in 3 months after the lifting of export restrictions will increase supply by 1 million barrels a day. At the same time, the US Congress may authorize the export of oil, which will help to reduce the country's reserves, which are near record levels. We look forward to strong price movements today after the Fed's statement of monetary policy (19:00 GMT). The course of trading will also affect data on oil reserves in the US (15:30 GMT). Our medium-term outlook for oil remains negative.