The price of gold was not able to continue to grow on the background of continuing uncertainty regarding the Fed's plans on the next terms of raising interest rates. On Wednesday have been published the minutes of the last Fed meeting in which was highlighted the positive expectations for the US economy. The fall of gold prices in the near future is possible only in the correction due to the expected growth of the physical demand in China and India in autumn due to the holidays in these countries, during which sales of jewelry are growing. Support for the precious metal may also be a drop on the US stock markets. Our medium-term outlook remains positive with the closest objective of 1400 dollars per troy ounce.
The price of Light Sweet crude oil has continued to rise yesterday amid increasing speculation about a possible consensus between the major oil producers including OPEC countries, Russia and others. According to experts’ estimates, Saudi Arabia can increase oil production to the level of 10.9 million barrels per day, compared to 10.7 million barrels in July. It is worth noting that the volume of oil production in a number of countries reached maximum levels and the agreement to freeze oil production will have a limited impact on the current oversupply of oil on the market. Next week will be published statistics on the growth of US GDP, which may affect the forecasts for oil. We maintain our medium-term negative outlook, and note the risk of a sharp correction on the background of fixing positions after a strong growth.