23.10.2015 - Gold has resumed growth after correction
The price of gold after some consolidation resumed growth. Interest in gold is rising against the background of increased metal consumption in China and other countries in Southeast Asia due to the holiday season. It is worth noting that yesterday the head of the ECB announced the revision of the parameters of monetary policy in the Eurozone at the ECB meeting on 3 December, which will lead to a drop in the euro against the US dollar. The slight negative impact on the course of trading yesterday had the news on initial unemployment claims in the United States the number of which has increased to 259 thousand compared with an expected growth up to 266 thousand. At the same time, the number of home sales on the secondary market rose to 5.55 million in September against the expected 5.38 million. We anticipate continued growth of quotations of gold in the near future, but its potential is limited.
The price of Light Sweet crude oil continued to consolidate above the level of 45 dollars per barrel, which was due to positive from the expected increase in incentives in the euro area after the December meeting of the ECB. This fact may lead to increased demand for oil, but its impact will be minimal. It is worth noting that in the near future will be completed the transition to the production of winter fuel in the United States and oil consumption in the US will grow slightly. Despite this, and the decline in oil production in the United States, the market remains oversupplied and we are waiting for the continuation of the negative dynamics of prices in the near future and in the medium term.