The price of gold continued to fall and may soon reach the level of $ 1050 per troy ounce. Gold consumption in India remains at the same level as last year before the festival of Diwali that traditionally leads to an increase in purchases of jewelry in the country that is the second in the world in the consumption of gold after China. At the same time yesterday has been published statistics on the consumer price index in the United States in October, which rose by 0.2%. Basic consumer price index for the year grew by 1.9%, which increases the likelihood of raising interest rates of the Fed at its meeting in December. We expect the fall in gold prices in the near future.
The price of Light Sweet crude oil continued to decline after a slight rebound caused by concerns about rising tensions in the Middle East in connection with the terrorist attacks in Paris. The negative trend of the oil remains due to saving of excess of oil supply on the market, a record volume of oil production in Russia and the expectation of increased supplies from Iran by 500-700 thousand barrels per day after the lifting of sanctions. Today, the dynamics of trading strongly affects the data on oil reserves in the US (15:30 GMT), which grow in the last 7 weeks. We forecast of the fall of oil prices in the near future and maintain the medium-term negative outlook.