Last Friday (July 12th), due to the lower than expected US June CPI report data, market expectations for the Federal Reserve's interest rate cut heated up. The US dollar index opened high and fell low, with the deepest drop of the day falling to 104.03 and finally closing down 0.40% at 104.08, marking the second consecutive week of decline. The benchmark 10-year US Treasury yield surged and fell back, ultimately closing at 4.1870%, while the two-year US Treasury yield closed at 4.4640%, breaking a four month low.

On Friday, July 12th, spot gold remained above the $2410 mark and ultimately closed down 0.19% at $2410.78 per ounce, recording three consecutive weekly gains. Spot silver ultimately closed down 2.12% at $30.78 per ounce.

On Friday, July 12th, due to strong summer fuel demand and the EIA report showing a continuous decline in US inventories, WTI crude oil rose to $84.52 per barrel, reaching a new high since April. However, after Biden announced that Israel and Hamas had agreed to a ceasefire framework, WTI crude oil turned down and ultimately closed down 0.90% at $83.14 per barrel. Brent crude oil ultimately closed down 0.68% at $84.95 per barrel, ending four consecutive weeks of gains for US and Brent crude oil.