The price of gold continues to fall against the strengthening of the American currency after yesterday's publication of minutes of the previous meeting of the Federal Open Market Committee in which there were hints on the possibility of an earlier raise of interest rates. In addition, traders expect the speech by Fed chairman Janet Yellen at the conference in Jackson Hole, where politicians can make an important statement. Also reduction of prices is due to hopes on an early end of the conflict in the east of Ukraine. The fall of prices may continue in the near future, but in case of correction on the stock markets, investor’s interest in gold will rise.
The price of Light Sweet crude oil continues to consolidate around the level of $ 93 per barrel. Data on reduction of oil inventories in the United States by 4.5 million barrels, compared with an expected fall of 1.3 million barrels was offset by the strengthening of the American currency. Today a negative impact on oil prices will have the reduction in China's manufacturing PMI to 50.3 in August, against 51.7 in July. We recall that China is the world's second largest consumer of oil. Further price movement will depend on the speech by the head of the Fed on Friday. We maintain a medium-term negative outlook for oil, but do not exclude the a correction in the near future.