The price of gold fell amid increasing investor confidence in raising interest rates of the Fed this year, which was negatively displayed on the price of gold. Demand for the metal in Asia remains weaker than last year due to the drop in the income of farmers in India. It is worth noting that the decline on the stock markets, as well as concerns about the slowdown of the Chinese economy, support demand for safety assets like gold. The price of the metal will probably continue to move around the levels 1080-1150 dollars per troy ounce in the near future.
The price of Light Sweet crude oil continues to consolidate within the corridor 44-47 dollars per barrel. On the one hand, the oil price is supported by a decrease in oil production in the United States and the expectation of further cuts in production of shale oil in the US, but then oversupply of oil on the market and the expectation of growth in supply from Iran put pressure on quotes. It should be noted that statistics on manufacturing PMI from China calculated by Caixin, which fell to 47.0 September that is 0.6 below the forecast also negatively affects the price of oil. Today will be published a report on oil reserves in the US (14:30 GMT). We expect falling prices in the medium term.