The gold price is consolidating near the level of 1210 dollars per troy ounce, and stopped reduction after have been published the minutes of the Fed meeting in which was noted the low likelihood of higher interest rates in the near future. Demand from investment funds and Asian consumers remains weak, which adversely affects the interest in gold. The growth on the stock markets is an additional negative factor for the yellow metal. It is worth noting that the lack of consensus on the restructuring of Greek debt and fears of default of the country may lead to an increased interest in defensive assets. Our medium-term outlook remains positive.
The price of Light Sweet crude oil showed an increase after the publication of statistics on reduction in US oil inventories by 2.7 million barrels compared with an expected drop of 1.3 million barrels per day. At the same time Saudi Arabia has rejected the request of two Chinese companies Chinaoil and Unipec for additional oil supplies that will increase the demand for oil in West Africa. It is worth noting the negative statistics on the manufacturing PMI in China, which is the world's second largest oil consumer the United States. Thus, the index calculated by HSBC in May fall to 49.1 vs. expected 49.3. Given the persistent oversupply of oil in the market, we maintain a negative medium-term outlook for oil.