30.06.2014 - Volatility of gold has strongly declined
The price of gold has not changed much during the last trading session. At the same time it should be noted that China may limit the use of gold as collateral for loans in connection with the news that in 2012 was conducted a number of credit transactions for more than $ 15 billion with the misuse of gold. On the other hand component of inflation expectations in the index of consumer confidence in June in the U.S. increased by 0.1% to 3.1%. Demand for gold is also supported by the tense situation in Iraq and Ukraine. We maintain a positive medium-term outlook for gold.
The growth of price for American benchmark of crude oil in the last trading session of the week has stopped, despite the positive data on consumer confidence in the U.S., which rose to 82.5 that is 0.3 more than the forecast. It is worth noting that despite the authorities' statements about the growth of oil supplies from Iraq to the world market, oil prices remain at high levels due to the fact that the situation may change sharply in case of new terrorist attacks. Today, the dynamics of trade can be affected by the data on Chicago manufacturing PMI (13:45 GMT). We maintain a positive medium-term outlook for oil.