The price of gold continues to rise gradually amid ground operation in Gaza, as well as rising tensions between Russia and the West, the deterioration of which happened after (according to the Western experts) pro-Russian separatists shot down civilian aircraft in Ukraine, killing 298 people. Tomorrow it may be decided on more sanctions against Russia. Growth of quotations of gold can support a correction on the stock markets. Gold demand from investment funds and consumers in Asia remains low. We maintain a positive medium-term outlook for gold with the objectives of 1330, 1350 and 1365 dollars per troy ounce.
The prices of American light oil resumed a downward movement after corrected sharply up against imposing additional sanctions against Russia from the EU and the United States in connection with the annexation of the Crimea. Decline in oil prices is due to expectations of growth of oil exports from Libya, where production capacity reaches 550 thousand barrels per day. At the same time, the supply of oil is still difficult. Military actions in Iraq also keep the prices at a high level. We maintain a medium-term negative outlook for the oil, but its quotes can rise sharply in case of deterioration of the geopolitical situation in the world.