The price of gold has fallen sharply against the strengthening of the U.S. dollar after strong data on durable goods orders, which rose due to increased demand of military goods and recovery after anomalously cold winter. Strong movement is explained by the previous prolonged consolidation of quotes. Another negative factor was the drop in gold imports into China from Hong Kong to 65.4 tons in April, against 80.6 tons in March. We expect the price rebound, but the downward movement is likely to continue in the medium term.
The price of American benchmark Light Sweet crude oil continues to consolidate above the level of 104.00 dollars per barrel. Traders are positive about the election of the new president of Ukraine, but the conflict in the eastern regions of the country is not yet exhausted, and it keeps the risks for the market. It is worth noting that the number of speculative contracts on the New York Mercantile Exchange rose last week by 15 thousand and reached 312 thousand. We maintain a long-term negative outlook for the oil and wait for the release of data on oil reserves in the U.S., which will be published tomorrow.