The price of gold was not able to show growth in spite of the weakening US dollar. It is worth noting that the decline on the stock markets of China, has also failed to increase the demand for defensive assets like gold. According to the news, the net short position in gold rose to its highest level since 2006. The pressure on the gold price has a low demand for the metal in Asia. So, gold imports into China via Hong Kong fell to 37.15 tons in June against 70.85 tons in May. Investors are waiting for tomorrow's Fed statement on monetary policy. If it hints to raise interest rates in September, gold prices will continue to fall. We expect the negative dynamics of prices in the near future.
The price of Light Sweet crude oil continues to decline due to the reduction on the Chinese stock market and saving the excess of supply of oil on the world market. Among other factors that contribute to the drop in prices for oil is expectation of growth of supplies of Iranian oil after the lifting of the sanctions, which will increase the oversupply, weak statics of China's industry and growth in the number of active rigs in the US. Strong influence on the dynamics of prices will have statistics on the growth of US GDP in the second quarter, which will be released on Thursday. Our medium-term outlook remains negative and we recommend holding short positions.