The price of gold continues to consolidate against the background of low volumes yesterday due to the holiday in the US, where celebrated Martin Luther King Day. Statistics from China was worse than the previous figures, but Chinese regulator’s measures to curb speculation with yuan, improved investors’ sentiment. Thus, China's GDP growth was 6.8% in the 4th quarter, which is 0.1% less than in the 3rd quarter. At the same time, industrial production growth slowed to 5.9% in December, compared to 6.2% in November. Gold demand in India and China is weak this year, but the purchases of central banks partially offset this factor. Tomorrow will be published statistics on inflation in the US, which may lead to a strong movement on the market. Our medium-term outlook remains negative.
The price of futures for Light Sweet crude oil corrected upwards due to lower investors' fears about the situation in China after the adoption of more restrictive measures by the People's Bank of China, to reduce speculation in the yuan’s exchange rate. It is worth noting that some experts predict a worsening of the situation with the imbalance of oil supply on the market due to increased production in Russia and Saudi Arabia, and the lifting of sanctions against Iran that will enable the country in the coming weeks to increase the supply of oil by 500 thousand barrels per day, and 1 million barrels per day over the next three months. Investors will be watching the data on oil inventories in the US, which will be published tomorrow. Our medium-term outlook remains negative.