Investors still cannot determine the further direction of price movement of gold. Thus, on the one hand the U.S. GDP fell by 2.9% in Q1, but the 2nd and 3rd quarter growth is expected to accelerate. Among the factors that contribute to the further growth are geopolitical tensions in connection with the situation in Iraq and Ukraine, inflation in the U.S. and the risk of falling on the stock markets. At the same time, weak demand for physical gold from investment funds and Asian consumers limit the price increase. We maintain a positive medium-term outlook for gold.
Oil prices declined yesterday on the background of the statement by the authorities in Iraq regarding plans to increase exports of oil in the next month. Also yesterday, was released the data on the growth in U.S. oil inventories by 1.7 million barrels compared with an expected decline of 1.2 million. At the same time, falling prices for the American benchmark crude oil was short-lived due to the news that an American company for the first time by more than 40 years, was granted a permission to export condensate. We expect that prices will be at high levels in the near future and maintain a positive medium-term outlook for oil.