23.07.2014 - Commodity prices have slightly decreased
The price of gold fell slightly and now is consolidating around the level of 1305 dollars per troy ounce. Price stability is due to the lack of new sanctions against Russia from the EU, but at the same time, the situation in Ukraine and Gaza remains tense. Support for the bears on gold have had news about growth in the number of home sales on the secondary market to 5.04 million in June, which is 0.13 more than in May. We maintain a positive medium-term outlook for gold and expect renewed growth in the near future.
The price of Light Sweet crude oil fell yesterday on the background of statistics from the American Petroleum Institute, whose report stated that oil inventories decreased by 600 thousand barrels, but inventories of gasoline and distillates increased respectively by 2.5 million and 3.6 million barrels. Lack of new sanctions against Russia also reduced tensions on the market. Today, the dynamics of trading will depend on the data on oil and petroleum products in the United States from the U.S. Department of Energy. We maintain a medium-term negative outlook, but note that prices may resume sharply in case of new negative geopolitical events.