US data is weak, but the US dollar still rebounds The gold price once fell below the $2,300 mark

14 Jun, 2024

​On Thursday (June 13th), due to the hawkish signal released by the Federal Reserve, the US dollar index rebounded and ultimately closed up 0.51% at 105.22.

On Thursday (June 13th), due to the hawkish signal released by the Federal Reserve, the US dollar index rebounded and ultimately closed up 0.51% at 105.22. The 10-year US Treasury yield ultimately closed at 4.2490%. The yield on the 2-year US Treasury, which is most sensitive to the Federal Reserve's policy interest rates, ultimately closed at 4.7050%.

 

The decline in gold prices widened to over 1% on Thursday (June 13), with the lowest intraday hit $2295.49 per ounce and closing at $2303.70 per ounce. After US producer price data fell below expectations, analysts attributed the decline in gold prices to profit taking. In addition, due to the Federal Reserve's expectation of reducing interest rates this year, the US dollar index rose sharply on Thursday, putting pressure on gold prices.

 

Due to OPEC's long-term forecast that oil demand will not reach its peak, international oil prices fell on Thursday (June 13). WTI crude oil ultimately closed down 0.51% at $77.84 per barrel; Brent crude oil closed down 0.42% at $82.12 per barrel.

 

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