The price of gold shows a decline on a background of growth of appetite for risk, which negatively affects the dynamics of defensive assets such as gold. It should be noted that the probability of victory of Donald Trump at presidential election in the United States fell after the recent televised debate, which, together with the rise in the US stock market and the publication of positive statistics in the country, will strengthen the dollar and put pressure on gold. According to our estimates, the Fed will not raise interest rates until December, which is positive for gold. Demand for physical gold will be strong in the coming months due to the holiday season in India and China, during which sales of jewelry are growing. We maintain our medium-term positive outlook for gold with the objectives at 1400-1430 dollars per troy ounce due to the expectation of the fall at the US stock markets.