The price of gold continues to consolidate above the level of 1210 dollars per troy ounce. On the one hand quotes are under the pressure of strengthening of the American dollar, but on the other hand, the correction on the stock markets support the demand for defensive assets. Protests of pro-democratic forces in Hong Kong have a dual impact on the price of the metal. On the one hand the tension in increasing the demand for defensive assets such as gold, but on the other hand, sales of jewelry in Hong Kong at holiday week will be lower due to the fact that many tourists refused to travel to Hong Kong. We recall that China is the world's largest consumer of gold. We maintain our positive outlook for the medium-term.
The price of American Light Sweet crude oil continued to grow and has overcome the level of 94.00 dollars per barrel. Investors expect the data on oil reserves and petroleum products in the United States, as well as statistics on the labor market in America. Despite the price increase in the United States, in Europe, demand remains weak, and oil production in Libya has risen to 900 thousand barrels per day, compared to 200 thousand at the beginning of the year. The initiative of Iran with respect to the need to reduce the volume of oil supplies was not supported by other members of OPEC. We expect a further decline in oil prices, and the growth of quotations in America according to our forecasts will be limited. The medium-term outlook on oil remains negative.