The price of gold continues to consolidate near the level of $ 1,100 an ounce, after a sharp decline at the beginning of the week. Demand for gold is low at the Asian markets due to seasonal factors. In addition, expectations of tighter of the US monetary policy in September has negative effect on gold and leads to the strengthening of the US dollar. Demand for the metal may rise in the case of a significant correction at the US stock markets. We expect a further fall in prices, but expect the resumption of growth in the medium term.
The price of Light Sweet crude oil fell below $ 50 a barrel amid a number of negative factors that continue to put pressure on the oil quotations. Thus the, US crude oil inventories last week rose by 2.5 million barrels against an expected decline of 1.7 million barrels per day. The main factor that puts pressure on the quotes is oversupply of oil on the market of about 2.0-2.5 million barrels per day. Removal of sanctions on Iran's oil exports will increase supplies to around 0.7 million barrels next year. We see no reason to change the current negative trend to the positive and maintain a medium-term negative outlook.