24.09.2014 - Gold slightly increased
The price of gold began to rise yesterday due to the worsening geopolitical situation in the Middle East, where the United States made air strikes on ISIS militant positions. Besides, the gold prices are supported by the increased demand for the metal from consumers in Asia. Demand from investment funds remains weak, but may grow significantly in the case of correction on the stock markets. Growth is constrained by the strengthening of the dollar amid tightening of monetary policy in the United States. Today, the course of trading may be affected by the data on new home sales in the United States (14:00 GMT). We maintain our positive outlook for the medium-term, but assume the possibility of reducing the price to the level of 1180-1200 dollars per troy ounce.
The price of Light sweet crude oil yesterday rose slightly due to the positive data on manufacturing PMI in China, which unexpectedly rose to 50.5, which is 0.5 better than the forecast of analysts. It is worth noting that investors are closely watching the situation in the Middle East, where the American aircraft carried out air strikes on ISIS militant positions. It also became known that oil production in OPEC countries increased by 230 thousand barrels per day and reached 30.34 million barrels per day. Today, the dynamics of trading will be affected by the data on oil and petroleum products inventories in the United States (14:30 GMT). We maintain a negative medium-term outlook, despite the low potential of price decline.