The price of gold has shown strong growth, but it was unable to continue and as a result returned to an important level of 1244 dollars per troy ounce. The main factors that affect the price of gold remain the demand for defensive assets and investors' expectations regarding the timing of the Fed raising interest rates. Next week will be published the Fed's statement on monetary policy, and we expect growth in hawkish sentiment amid expectations of rising inflation in the United States. On the other hand there is a possibility of correction on the stock markets of the USA in connection with the approach to historical highs and contradictory data from the corporate reporting season in the US. It is also worth noting a decline in gold imports in India and China. Our medium-term outlook for gold remains negative with a target at 1100 per troy ounce.