The price of gold continues to consolidate near the level of 1290 dollars per troy ounce. Decrease in the dollar after reaching a maximum for 11 months supported the gold price. The main negative factor for gold is low demand from investment funds and consumers in Asia. Thus, the forecasts of the World Gold Council about demand for gold in China at 900-1000 tons may be too optimistic. Today, the dynamics of prices will depend on the GDP data in the United States (12:30 GMT). We maintain our positive medium-term outlook for gold in the expectation of correction on the stock markets.
Light Sweet crude oil price continues to consolidate within a narrow corridor of 93-94 dollars per barrel. We see that the potential for a further fall significantly decreased, but at the same time, the rise in prices is constrained by weak demand on the world market. Saudi Arabia has reduced oil exports to the lowest level in three years, while production in Iraq and Libya continues to grow. In US oil inventories fell by 2.1 million barrels, despite the forecast growth of 1.1 million barrels. Weak demand remains the main factor that keeps prices down. We maintain a medium-term negative outlook for oil.