30.05.2014 - The price of gold started to correct
The price of gold within the fall had nearly reached the $ 1,250 per troy ounce, but started to correct downwards. Currently, traders try to guess further price movement on the background of necessity of upward correction after a strong decline, and also because of conflicting data from the U.S., where the number of initial unemployment claims dropped to 300 thousand, which is 21 thousand better than the forecast and U.S. GDP in Q1 fell by 1.0% compared with an expected decline by 0.6%. We expect continued upward correction and keep a long-term positive outlook for gold.
The price of Light sweet crude oil resumed its decline, despite the growth in U.S. oil inventories by 1.7 million barrels, against the forecast of inventory reduction by 0.1 million High oil prices yesterday were supported by news from Ukraine, where during the antiterrorist operation was shot down military helicopter. In Libya volume of exports is still at the minimum levels. Due to the growth of oil inventories and oil production in the United States, we keep long-term negative outlook for oil.