The price of gold continues to decline amid the growth of the US dollar and increase in the probability of the Fed tightening monetary policy this year, which will reduce the attractiveness of investing in gold, compared with assets that generate interest income. In the near future the movement of quotations will depend on the labor market statistics in the US, which will be published on Friday and strongly influence the Fed's decision on raising interest rates at its meeting in September. In the medium term, the growth of quotations can support the decline on the stock markets, causing an increased interest in defensive assets and the growth of jewelry consumption in China and India due to the holiday season.
The price of Light Sweet crude oil fell against the strengthening of the US dollar and crude oil sales in connection with the revision of expectations regarding a possible consensus on coordinated actions between large producers of oil during the energy summit that will be held in late September in Algeria. Iran and Iraq have previously stated their intention to continue to increase the volume of oil supplies. In addition, the increase in drilling activity in the US will be an additional negative factor for oil. Today will be published data on US oil inventories (14:30 GMT), which growth will lead to continued negative dynamics. Our medium-term outlook remains negative with a potential reduction up to 40 and 36 dollars per barrel.