22.05.2015 - Gold has returned to the level of $ 1,200 per barrel
The price of gold continued to decline and is now is located near the psychologically important level of $ 1200 per troy ounce. It should be noted that the probability of the Fed raising interest rates in June dropped, which gave a temporary boost to gold prices, but this factor is already included in prices. Growth in the number of initial unemployment claims in the United States by 10 thousand to 274 thousand could not greatly affect the course of trading. Investors are waiting for today's statistics on inflation in the US (12:30 GMT), as well as the speech of the Fed's chairman Janet Yellen (17:00 GMT). Negotiations with Greece's creditors can also greatly affect the price of gold and in case of failure, the demand for defensive assets grow. We maintain a positive medium-term view, but the price is likely to continue to move around the current levels in the near future.
The price of Light Sweet crude oil has continued to grow after the publication of statistics on the reduction in US oil inventories. At the same time, weak data on manufacturing activity in China, increase the likelihood of additional incentives from the Chinese government. Previously, Saudi Arabia refused two Chinese companies to supply additional volumes of oil. Despite the current positive, the expectation of lifting the sanctions on oil exports from Iran and the preservation of the excess of oil on the market, we maintain a medium-term negative outlook, and we believe that the growth potential in the near future is minimal.