Market digestion, early rise, slight decline in US dollar Gold has a strong trend, breaking through $2,040 resistance at one point

26 Feb, 2024

Market digestion, early rise, slight decline in US dollar Gold has a strong trend, breaking through $2,040 resistance at one point

Last Friday, the US dollar index recorded a weekly decline for nearly two months, with an intraday rebound reaching 104 points without success. The final close was a thrilling 0.003% increase, closing at 103.94. The benchmark 10-year US Treasury yield fell short and opened high, but plummeted significantly in the US market, ultimately closing at 4.248%, hitting a one week low; The yield on interest rate sensitive 2-year US Treasury bonds ultimately closed at 4.688%.

COMEX gold futures rose 0.74% to $2045.8 per ounce, while COMEX silver futures rose 0.84% to $22.975 per ounce.

Due to the Federal Reserve's statement that interest rate cuts may be postponed for at least two months, as well as progress in the Israeli Palestinian ceasefire agreement, international crude oil prices have sharply declined. WTI crude oil fell 2.24% to $76.8 per barrel; Brent crude oil closed down 2% at $81.92 per barrel.

Due to the market continuing to digest the previous rise in the US dollar, the US dollar weakened against the pound, yen, and Swedish krone on the 23rd, while the US dollar strengthened against the euro, Canadian dollar, and Swiss franc. The US dollar index turned from rising to falling in the overnight market, and the overall weakness consolidation on the day, with a slight decline in the US dollar index at the end of the day.

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