The price of oil fell slightly, partly due to the strengthening of the dollar, as well as correction after a significant increase at the end of last week (2.5% on Friday).

Not unimportant factor that contributed to lower prices, was the release of GDP data for Japan. According to estimates of the Cabinet Office, in the past quarter gross domestic product grew by 2.6 percent year on year after expanding 3.8 percent in the previous quarter. The median estimate of economists, growth was up 3.6 percent. Nominal GDP growth, unadjusted for price changes, accelerated to 2.9 percent year on year. In the second quarter, the growth was driven by private consumption, public investment and net exports. Consumer spending, which accounts for about 60 percent of the economy, rose 0.8 percent from the previous quarter.

Note that the Japanese authorities predict a slowdown in economic growth to 1% in 2014-2015 fingoda.

However, we add that positive data from China, are a factor of stabilization of prices below. The first is to provide a report on industrial production, which showed that in July, its volume increased by 9.7% (the highest since February). This suggests that China's demand for oil will increase further. Data on imports of China last week and included the growth of oil imports.

Traders said the market expects the U.S. economic data, including the July retail sales, due out on Tuesday. Note that they will be able to shed some light on how the policy will continue to be held by the Federal Reserve System.

Another important event of the week will also be a report on oil, which will be released on Wednesday.

The cost of the September futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 105.75 dollars a barrel on the New York Mercantile Exchange.

September futures price for North Sea Brent crude oil mixture rose to $ 108.25 a barrel on the London exchange ICE Futures Europe.

The cost of gold futures rose sharply, rising at the same time to the highest level in almost three weeks, despite the strengthening of the dollar against the background of technical buying.

In addition, it was reported that gold holdings in the largest gold exchange-traded fund in the world - Holdings in the SPDR Gold Trust rose on Friday by 0.2% to 911.13 tonnes, recording the first increase since June 10. Since the beginning of this year, the outflow of gold from the fund amounted to 14 million ounces, roughly equivalent to $ 19 billion at current prices.

Note that traders reported buying gold from those who agreed to sell in anticipation of lower prices in the future, while automatic buy orders that were placed near the important levels, have helped increase the growth of gold prices.

We also add that the precious metal has received support from Friday's data on wholesale inventories in the U.S., which unexpectedly fell in June, registering the second monthly decline in a row, prompting economists to cut growth estimates for the second quarter and increased speculation that the Federal Reserve may continue the action to stimulate the economy.

Market participants are now awaiting data on U.S. retail sales, which will be presented tomorrow, and will help to assess the timing of the program to purchase assets of the Fed.

The dynamics of today's trading statement also affected by the China Gold Association, who said that gold consumption in China has jumped to 706.36 tonnes in the first half of the year, compared to 832.18 million tons in 2012.

The cost of the October gold futures on COMEX today rose to $ 1340.40 per ounce.