The price of gold fell amid a stronger dollar and a rise in European stock markets. Rising confidence in the Fed's interest rate hike in December has a negative effect on the value of gold. At the same time investment funds are increasing the gold amount in their portfolios. A positive factor is the increase in the consumption of jewelry in China and India due to the holiday season, but the gold purchases in India will be lower this year due to falling incomes of local farmers. Today, the dynamics of trading will be affected by the data on the number of initial unemployment claims in the US (12:30 GMT). We forecast growth of gold prices in the near future.
The price of Light Sweet crude oil continues to fall after yesterday's publication of statistics on oil and petroleum products’ inventories in the United States, which increased by 8.0 million barrels against an expected rise of 3.5 million barrels per day. Stable continuing excess oil on the market and the expectation of a slowdown in oil consumption in the world will point to a further movement of oil prices below $ 50 a barrel. The strengthening of the US dollar will have a negative effect on the price of oil. We expect a continuation of the negative dynamics in the near future and maintain the medium-term negative outlook.