The price of gold continues to consolidate amid expectations the US Federal Reserve statement on monetary policy. Thus, on Wednesday, the US regulator with a high probability will declare saving interest rates at the same level, but the market will follow the rhetoric of the regulator about raising of interest rates in December. Tighter monetary policy is negative for gold prices. Despite this, demand for the metal in the coming months will be supported by a seasonal increase in consumption of jewelry in India and China. Today, the course of trading will be affected by the data on the volume of orders for durable goods. We expect increased volatility in the near future and the price increase is more likely.
The price of Light Sweet crude oil continued to fall and reached the target level of 44 dollars per barrel amid concerns about saving the oversupply of oil in the market and rising inventories in the United States, where now is reduced spare capacity for oil storage. The expected reduction in oil production in the United States to 8.6 million barrels per day in 2016 and the fall in investments in the sector cannot offset the negative from oversupply and forecasts of weakening demand. In addition, this year is predicted a mild winter in North America and Europe, which is also negative for oil demand. We maintain negative outlook on oil.