The price of gold sharply lowered after rising last week. The reasons for the negative dynamics are waiting for the Fed raising interest rates before the end of the year, as well as the strengthening of the US dollar after the publication of statistics on the strong GDP growth in the second quarter by 3.9% against the forecast of 3.7%. Investors are waiting for today's speeches by the Fed officials, which will comment on a possible increase in interest rates of the Fed in December. In addition, we should pay attention to the statistics on personal income and consumer spending in the US (12:30 GMT). Demand for gold in the near future will probably increase due to the holiday season in Asia. In the near future, growth may resume.
The price of Light Sweet crude oil has stabilized on Friday, despite a number of important news. Thus, the growth of US GDP in the second quarter was 3.9%, which is 0.2% better than analysts' expectations. At the same time the number of active drilling oil rigs in the United States fell by 4 to 640 units. The excess of supply of oil on the market is about 2.5 million barrels of oil. Iran has stated that after the lifting of sanctions will increase the volume of oil supplies by 0.5 million barrels, and a few months by 1.0 million barrels per day. This fact compensates the expected reduction in oil production in the US and the seasonal increase in demand for oil products in China. Our medium-term outlook remains negative.