The price of gold shows a positive trend against the background of falling stock markets of the world, which increases the interest in protecting assets like gold. At the same time, weak economic data from the US will deter the Fed from raising interest rates in March. Yesterday was published statistics on core inflation in the US, which grew in December by only 0.1%, against an expected increase of 0.2%. In the near future the demand for protective assets will be increased and a later increase in interest rates the Fed will support the demand for gold. Today we can see a correction after recent gains, but rising dynamics may continue in the coming months.
The price of futures for Light Sweet crude oil continued to decline after a slight correction. Oil companies claim to reduce profits and investment in new fields. Concerns about slowing growth of the Chinese economy, the growth of oil production in Russia and Saudi Arabia, as well as the lifting of sanctions against Iran will hold the excess of supply of oil on the market in the coming months. Rising prices is possible only in the correction. Today will be published a report on oil inventories in the US (16:00 GMT). We forecast a drop in the medium term, but do not rule out a limited correction in the background of fixed positions.