US economic data fell short of expectations, leading to a rapid decline in the US dollar The gold outbreak approaching the critical level of $2,100
US economic data fell short of expectations, leading to a rapid decline in the US dollar The gold outbreak approaching the critical level of $2,100
Last Friday (March 1st), the US dollar index maintained a range of volatility in the Asian and European markets. The US market fell sharply due to weaker than expected US economic data, and ultimately closed down 0.243% at 103.88. The benchmark 10-year US Treasury yield ultimately closed at 4.186%; The yield on interest rate sensitive 2-year US Treasury bonds ultimately closed at 4.533%.
Due to lower than expected economic data strengthening interest rate cuts and the weakening of the US dollar index, spot gold rose to a two month high of 2088.16 last Friday (March 1), ultimately closing up 1.89% at $2082.98 per ounce; Spot silver ultimately closed up 2% at $23.13 per ounce.
International oil prices rose last Friday (March 1) as over a hundred Palestinian civilians died while waiting for aid supplies, further complicating ceasefire negotiations. WTI crude oil rose 1.94% to $79.96 per barrel; Brent crude oil has been hovering above the $80 mark for three consecutive weeks, closing up 1.67% at $84.23 per barrel.