Under Powell's hawkish stance, the US dollar rose on Wednesday Gold price obstructed at $,2400 levels, alert to the risk of oscillation and roof building

17 Apr, 2024

On Tuesday (April 16th), as Powell hinted that the Federal Reserve had no plans to cut interest rates in the short term, the US dollar index continued to strengthen and ultimately closed up 0.152% at

On Tuesday (April 16th), as Powell hinted that the Federal Reserve had no plans to cut interest rates in the short term, the US dollar index continued to strengthen and ultimately closed up 0.152% at 106.37, achieving a five day bullish streak. US bond yields continue to rise. The 10-year US Treasury yield once approached the 4.7% mark, reaching a new five month high and ultimately closing at 4.661%. The 2-year US Treasury yield, which is most sensitive to the Federal Reserve's policy interest rates, once again hit the 5% mark during trading, ultimately closing at 4.972%.

 

Gold prices remained stable on Tuesday (April 16), closing at $2382.47 per ounce, with a candlestick on the daily candlestick. The continued tension in the Middle East offset expectations of reduced US interest rate cuts this year due to safe haven demand. Analysts say that if the Middle East conflict is downgraded, the market focus will shift to the Federal Reserve, which is clearly unlikely to cut interest rates quickly, which is a bearish factor for the gold and silver markets.

 

Due to the limited actual impact of tensions in the Middle East on oil supply so far, international crude oil has not been able to successfully rebound. WTI crude oil fluctuated and fell on Tuesday (April 16th), ultimately closing down 0.46% at $85.21 per barrel; Brent crude oil closed down 0.37% on Tuesday (April 16th) at $90.02 per barrel.

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