Market demand for safe haven rebounded, and the US dollar rebounded on Wednesday The attractiveness of gold remains weak after the sharp decline

25 Apr, 2024

On Wednesday (April 24th), the US dollar index remained volatile after strengthening in the Asian session, ultimately closing up 0.12% at 105.82. The 10-year US Treasury yield ultimately closed at 4.6

On Wednesday (April 24th), the US dollar index remained volatile after strengthening in the Asian session, ultimately closing up 0.12% at 105.82. The 10-year US Treasury yield ultimately closed at 4.646%. The yield on the 2-year US Treasury, which is most sensitive to the Federal Reserve's policy interest rates, ultimately closed at 4.941%.

 

The US dollar maintained an upward trend against the Japanese yen, ultimately closing up 0.33% at 155.33, marking the first time since June 1990 that it has stood above 155.

 

On Thursday (April 25th) morning trading in the US, spot gold prices were trading above $2320. Due to the easing of tensions in the Middle East in the past few days and weakened demand for safe haven, the attractiveness of gold remains weak. In addition, investors were cautious about gold before the release of the US Q1 Gross Domestic Product (GDP) and March Core Personal Consumer Expenditure Price Index (PCE) data on Thursday and Friday, respectively. Since the beginning of this week, gold prices have fallen by over 3%.

 

Due to market concerns about the Middle East conflict easing and a slowdown in US commercial activity, WTI crude oil maintained a downward trend on Wednesday (April 24). However, the unexpected decline in US crude oil inventories provided some support for oil prices, and WTI crude oil ultimately closed down 0.69% at $82.75 per barrel; Brent crude oil closed 0.38% lower at $88.05 per barrel on Wednesday (April 24th).

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