23.06.2015 - Gold demand remains weak

The price of gold fell against the background of weak demand above the level of $ 1,200 per troy ounce. The strengthening of the US dollar, as well as growth on the stock markets of the USA and Europe has led to a fall in metal prices. Investors' concerns about a default by Greece decrease, and the demand for protective assets remains low. Consumption of gold in Asia is at low levels due to seasonal factors. We forecast growth of gold prices in the medium term, but in the coming weeks quotations are likely to continue to consolidate within the range of 1170-1230 dollars per troy ounce.

The price of Light Sweet crude oil continues to consolidate near the important level of $ 60 per barrel of oil. Uncertainty about the signing of an agreement on Iran's nuclear program, keeps prices at current levels. Speculation regarding the lifting of sanctions on Iran's oil exports will be in the focus of traders in the near future. We recall that until June 30, will be completed talks on its nuclear program. A positive outcome will lead to an increase in the oversupply on the market of oil and reduction of oil prices by 10-15%. Our medium-term outlook for oil remains negative.

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