The price of gold yesterday showed a sharp rise after the publication of the Fed’s statement according to which the interest rates in the US remain at the level of 0-0.25%. At the same time, the Fed said that the reason for saving the settings of monetary policy were low inflation and the risks associated with slowing growth in emerging markets. Demand for gold is likely to rise in the coming months due to the holiday season in the Asian countries. At the same time, we expect the Fed raising interest rates before the end of the year, which will negatively affect the dynamics of prices of gold. Growth can continue in the near future.
The price of Light Sweet crude oil remained virtually unchanged despite the weakening of US dollar. Quotes are consolidated near the level of 47 dollars per barrel. On the one hand, oil production outside OPEC may fall for at the end of the year due to falling investment in the sector. On the other hand, the oversupply of oil, lifting of sanctions against Iran and concerns about slowing growth in China continue to put pressure on oil quotes. Potential of decline has fallen, but at the same time, we see no reason to change the trend to positive. Our medium-term outlook remains negative with a target of about 40 dollars per barrel.