Powell's statement is dovish, the US dollar fell on Tuesday Strong job vacancy data in the United States, putting pressure on gold prices

03 Jul, 2024

On Tuesday (July 2nd), the US dollar index rebounded to the 106 level and resumed its decline. During the US market, it accelerated its decline and ultimately closed down 0.113% at 105.63.

On Tuesday (July 2nd), the US dollar index rebounded to the 106 level and resumed its decline. During the US market, it accelerated its decline and ultimately closed down 0.113% at 105.63. Due to Powell's affirmation of progress in fighting inflation, US Treasury yields generally fell, with the 10-year Treasury yield closing at 4.437%. The yield on interest rate sensitive 2-year US Treasury bonds closed at 4.749%.

 

On Tuesday (July 2), gold prices fluctuated slightly and fell 0.11% to close at $2329.15 per ounce. The strong performance of US job vacancy data put pressure on gold prices, but Federal Reserve Chairman Powell's speech leaned towards the dovism, and the decline in US dollar and bond yields provided support for gold prices. The minutes of the Federal Reserve meeting will be released on this trading day, and investors need to pay close attention. In addition, the US June ADP employment data, US June ISM non manufacturing PMI, and US May factory order month rate will be released on this trading day, and investors need to pay attention.

 

On Tuesday (July 2nd), as the latest forecast showed that the possibility of supply disruptions caused by Hurricane Beryl was low, the US and Brent oil markets closed slightly lower. WTI crude oil fell 0.28% to $83.12 per barrel; Brent crude oil fell 0.08% to $86.54 per barrel.

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