The price of gold is rising amid falling US stock indexes on Friday, as well as the weakening of the US dollar. It is worth noting that before the Fed raised interest rates by 0.25%, which will adversely affect the price of gold due to the expected strengthening of the US dollar. It is worth noting that tomorrow will be published important data on the growth of US GDP in the third quarter. Improvement of the indicator will lead to lower prices for gold. Given the decline in investor activity before the holidays, we expect continued consolidation of prices above 1150 dollars per troy ounce in the near future.
The price of Light Sweet crude oil continued to consolidate near multi-year lows in connection with the pessimism of investors caused by the persistence of excess of oil supply on the market, the strengthening of the US dollar due to the tightening of monetary policy of the Fed, growth of inventories in the US and the likely growth in oil supplies from Iran. In addition, the abolition of the ban on the export of American oil will put pressure on the price of oil, but it will help to reduce inventory in the United States. We maintain a negative medium-term outlook, but do not exclude the correction of prices in the near future.