The price of gold continued to rise against the background of weak statistics on industrial production in the United States, the volume of which has continued to decline for the fifth month in a row. Thus, in April, a decline was 0.3%, against expected growth of 0.1%. At the same time the uncertainty of the US stock market promotes the purchase of defensive assets. Negotiations on the debt restructuring of Greece don’t give results. In case of a substantial fall on the stock markets, we see a growing interest in gold. In the near future the price may continue to rise to 1244 dollars per troy ounce, but on the other hand, after the strong growth, the quotes can correct downwards. Our medium-term outlook for gold remains positive.
The price of Light Sweet crude oil after corrected on the background of weak statistics on industrial production in the United States, which in April fell by 0.3%, has resumed growth. Price volatility has decreased significantly. Many experts note that the increase in prices in recent weeks was unreasonable. Reducing the rate of growth of industry in China and the US, as well as the excess of oil supply on the market, which is about 2 million barrels a day adversely affect the growth prospects of the price. We maintain a medium-term negative outlook on oil and expect strong price movement after the lifting of sanctions against Iran, which will increase the supply of oil on the market.