The price of gold fell yesterday, but today was able to offset a large part of its losses. It should be noted that gold demand is supported by increased consumption of jewelry in China before the New Year, which is celebrated in early February. Investment demand for gold remains low, but the situation may change in case of a fall on the stock markets. Trading volumes will remain low this week. Our medium-term outlook remains negative due to the expected strengthening of the US dollar.
The price of Light Sweet crude oil showed a decline at the beginning of the trading week, after a strong correction earlier. As a result, today quotes are higher than 37 dollars per barrel and may continue to rise in the coming days, but the medium-term negative trend remains stable. According to OPEC, the excess supply of oil on the market at the moment is about 2 million barrels a day and the situation is likely to worsen after the lifting of sanctions against Iran that will allow the country to increase oil supplies to 1 million barrels a day. We maintain a negative medium-term outlook for oil, but do not rule out further price correction.