24.12.2014 - Prices on commodity markets remain stable

The price of gold continues to consolidate near the level of 1180 dollars per troy ounce after sharply decreased earlier. It should be noted that the statistics for GDP growth in the US in Q3 by 5.0%, which was the highest growth since 2003 failed to lead to a continuation of the fall in gold prices. Weak data on durable goods orders supported the demand for gold. Thus, the figure in November fell by 0.7% against the expected growth of 3.0%. Today, the course of trading will be affected by the labor market data in the US (13:30 GMT). We expect low volatility due to the Christmas holidays. Our medium-term outlook for gold remains positive due to the expected decline of the stock markets.

The price of Light Sweet crude oil rose slightly yesterday after the publication of statistics on a stronger US GDP growth in the 3rd quarter of this year. Despite this, analysts predict a slowdown in the 4th quarter. It is worth noting that Saudi Arabia has announced its intention to keep volumes of oil production. According to analysts, the fall in oil prices will stop after reducing imbalances between supply and demand of oil on the market. At the moment we are seeing a decline in drilling activity in the US, but the growth is maintained. Our medium-term outlook for oil remains negative with the target of around $ 50 per barrel.

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