Gold prices fall gradually after the decrease in the tension of the situation around Ukraine, where the Ukrainian army, continues to conduct successful operations against the separatists. Decrease in gold prices was also contributed by the positive data on the industry in China, where the manufacturing PMI rose to 52.0 in July, against 50.7 in June. Today the course of trading will be affected by the labor market statistics (12:30 GMT) and the housing market data (14:00 GMT) in the United States. Investors will continue to closely monitor the events in Gaza, Iraq and Ukraine. Medium-term outlook for gold remains positive, but in the near future we may see a drop in prices.
The price of oil yesterday raised again on the background of data on oil and petroleum products inventories in the United States. So, despite the decline of oil reserves by 4.0 million barrels, that is almost twice as much as predictions, gasoline and distillates inventories increased respectively by 3.4 million and 1.6 million barrels. It should be noted that the oil terminal in Cushing, state of Oklahoma that stores oil contracts for which are traded on the NYMEX, fell to its lowest level since 2008. We maintain a medium-term negative outlook for oil, but we recommend to monitor the negotiations with Iran over its nuclear program, export to Libya, as well as the situation with sanctions against Russia.