The price of gold continues to rise against the background of a number of factors. Thus, the US dollar fell against the euro and the yen against the backdrop of the resumption of the negative sentiment on the commodity and stock markets. This factor has led to an increase in investor interest in gold as a safe asset. Demand for gold in China is increased with the approach of the Chinese New Year, which begin to celebrate on 7 February. Investors are waiting for the Fed's decision on interest rates, and the likely lack of change in the parameters will lead to higher gold prices. We expect continued growth in the near future, which will be supported by a decrease in the stock markets.
The price of futures for Light Sweet crude oil resumed its decline after corrected upwards at the end of last week. On dynamics of prices in the near future will continue to influence the excess supply of oil on the market and concerns about the reduction in the rate of growth in oil consumption in the world. Iraqi authorities announced their intention to increase production to 4 million barrels a day, that is 200-300 thousand barrels more than the current production volume. This fact has an additional negative impact on the price of oil. Our medium-term outlook remains negative and the rise in prices is possible only within the correction.