The price of gold decreases after rising last week. Negative for the quotes of the metal remains the expectation of rising interest rates of the Fed this year, which will support the dollar and reduce the attractiveness of investments in gold, which brings no interest income. Growing demand for gold is expected in case of a fall in stock markets, but also due to the seasonal increase in consumption of jewelry in Asia. The current decline may continue in the near future, but we do not see a clear trend.
The price of Light Sweet crude oil fell on the background of negative statistics from China, where the profits of industrial companies fell by 8.8% for the year, indicating that the negative trends in the economy and likely will lead to a drop in demand for oil. The reduction of oil production in the United States is offset by stable oversupply of oil in the world, which will increase by 1 million barrels a few months after the lifting of sanctions against Iran. Our medium-term outlook remains negative, but the quotes may continue to consolidate around current levels in the near future.