The price of gold continued to rise on the weakening of the US dollar before the Fed statement on monetary policy (18:00 GMT). It is worth noting that the demand for the metal is supported by the uncertainty of the situation with respect to the restructuring of Greece's debt. We recall that on May 12 Greece must repay the IMF 780 million euros. Strong influence on the course of trading today will also have the preliminary data on US GDP growth in the first quarter (12:30 GMT). Tomorrow, activity on the market will decline in connection with the holiday in China. China's gold imports fell to its lowest level in 7 months. Demand for the metal may rise in case of the correction on the stock markets. We maintain a positive medium-term outlook for gold and expect increased volatility today.
The price of Light Sweet crude oil continues to move in the range of 56-58 dollars per barrel. Investors did not rush to build up positions ahead of today's publication of statistics on oil reserves in the US (14:30 GMT). Growth of stocks will have a negative impact on investor sentiment. At the same time the attention will be focused on production volumes in the United States which declined for three of the last four weeks. The pressure on the price of oil has a statement about the readiness of Saudi Arabia to increase oil production to meet demand in Asia. The excess of oil supply in the market is over 1-2 million barrels per day. We expect increased volatility today and maintain the medium-term negative outlook on the markets of the region.