The price of gold continued to rise after the correction on the background of heightened interest on the part of investment funds, as well as record sales of gold by the Swiss banks in China and Hong Kong. It is worth noting that gold sales in India fell by a third, due to a drop in income of farmers in India. The main factors that currently affect the mood of investors are increased seasonal demand for gold in Southeast Asia due to the holiday period and the expectations of investors about the Fed's monetary policy tightening that is likely to begin in December. Our short-term outlook for gold remains positive.
The price of Light Sweet crude oil continued to decline after a slight correction. The excess of oil supply, waiting for slower growth in demand in 2016 and the likely growth in oil deliveries from Iran and Libya continue to put pressure on the oil quotations. It is worth noting that a meeting of representatives of OPEC countries and other 8 countries that export oil, which will discuss the possible options to reduce the supply of oil on the market to support prices. The likelihood of achieving consensus is minimal and fall of prices is likely to continue. The next meeting of OPEC will be held on December 4, but we do not expect a change of rhetoric of cartel. Today we expect a strong movement after the publication of data on oil inventories in the US (14:30 GMT). Our medium-term outlook remains negative and we are waiting for further price drops to $ 44 per barrel in the near future.