The price of gold continues to grow strongly against the background of a number of factors that increase the demand for defensive assets in the world. So, last week the Swiss National Bank announced the abolition of restrictions on the Swiss franc exchange rate against the euro, which has led to a sharp decline of the European currency. Investors continue to assess the possible consequences of the results of the elections in Greece, which is now leading the opposition forces. Recall that in the near future should be done restructuring of Greece's debt. Today the demand for gold was supported by news of the suspension of the major brokerage firms in China. Demand from investment funds is growing, but in the physical market in Asia, we see a decrease in the volume of purchases. We maintain our medium-term positive outlook for gold in the medium term.
The price of Light Sweet crude oil corrected in the last trading session of the week before the long weekend in the US. The reason for the increase of quotations has also become International Energy Agency forecasts, according to which the price of oil will begin to recover in the second half of this year. Despite this, we evaluate growth as a short-term and look forward to the resumption of downward momentum due to the persistence of excess oil on the market. Leading banks and investment companies continue to cut forecasts for oil prices. This week, the price can be supported by the decision of the ECB to launch a full-scale program of quantitative easing. We maintain our medium-term negative outlook on oil.