The price of gold is consolidating near the important level of 1244 dollars per troy ounce after the recent correction. The main reason for the growth in demand for gold from the beginning of the year was the increased interest in defensive assets due to concerns about the growth of the Chinese economy, a decrease on the stock markets and falling oil prices. All these factors have had a short-term impact. Despite this, investors maintain interest in gold as a defensive asset. In case of saving of the current situation on the commodity and stock markets, the price of gold will decline, to which will also contribute the expectations of Fed interest rates hike this year by 0.50%. Our medium-term outlook remains negative and we look forward to reduction of price in the medium term to a level of 1100 dollars per troy ounce.