The price of gold continued to provide growth due to several factors, including the increased interest in the protection of assets due to the fall on the stock and commodity markets. In addition, investors are waiting for today's Fed statement on monetary policy. According to our estimates, the Fed will not change interest rates but may hint on further plans to tighten monetary policy. Rising confidence in the later raising interest rates will lead to higher gold prices. It should be noted that the supply of gold in Q4 fell by 7.3% per annum to 1045 tons, while demand increased by 2.2% to 1087 tons. During the last quarter gold production fell by 3.8% to 767 tons, which will support metal prices in the future. Current growth may continue in the near future due to lower stock indices.
The price of futures for Light Sweet crude oil continues to move within the downward trend. The main reasons for saving of the negative dynamics is the excess of oil supply that will continue to grow in the first half of this year, as well as investors' concerns about a slowdown in demand for oil. Speculation on a possible consensus between the major oil producers do not have a significant impact on the dynamics of prices and have only a short-term effect. Today will be published data on oil reserves in the US (15:30 GMT), which has traditionally had a strong influence on the course of trading. Our medium-term outlook for oil remains negative.