The US dollar rebounded slightly on Monday The situation in the Middle East is becoming tense, and the morale of gold bulls is rebounding

07 May, 2024

On Monday (May 6th), the US dollar index briefly fell below the 105 mark, but later regained all lost ground and turned higher, ultimately closing up 0.04% at 105.09.

On Monday (May 6th), the US dollar index briefly fell below the 105 mark, but later regained all lost ground and turned higher, ultimately closing up 0.04% at 105.09. The 10-year US Treasury yield slightly declined and fell below the 4.5% mark, closing at 4.490%. The yield on the 2-year US Treasury, which is most sensitive to the Federal Reserve's policy interest rates, ultimately closed at 4.837%.

 

Gold prices climbed nearly 1% on Monday (May 6th), after US employment data fell short of expectations, boosting expectations of a possible rate cut by the Federal Reserve later this year. The US dollar weakened in response. In addition, Hamas agreed to the proposal while Israel continued to attack Rafah, and rising geopolitical concerns provided safe haven support for gold prices.

 

Due to the bleak prospects of a ceasefire in the Middle East, crude oil has stabilized. WTI crude oil was blocked near $79 on Monday (May 6th) and ultimately closed up 0.87% at $78.43 per barrel; Brent crude oil closed up 0.81% on Monday (May 6th) at $83.34 per barrel.

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