The rebound in US Treasury yields has caused gold prices to hit their lowest level in over a week The bullish trend of gold has not changed, and Goldman Sachs maintains its target expectation of $2,700
On Monday (July 22), as the market digested the impact of Biden's withdrawal, the US dollar index closed slightly lower
On Monday (July 22), as the market digested the impact of Biden's withdrawal, the US dollar index closed slightly lower, hitting a low of 104.16 and ultimately closing down 0.07% at 104.30. The benchmark 10-year US Treasury yield closed at 4.2560%, and the two-year US Treasury yield closed at 4.5260%.
On Monday (July 22), gold prices fell to a low of $2383.82 per ounce in over a week, closing at $2396.26 per ounce. US bond yields continued to rebound, putting slight pressure on gold prices but reducing overall volatility. Traders are waiting for more US economic data and statements from Federal Reserve officials later this week to obtain more information on the schedule for interest rate cuts, as news related to the US election also affects market sentiment
On Monday (July 22), international oil prices fell due to market expectations that crude oil would reach supply-demand balance in the fourth quarter, leading to an oversupply next year. WTI crude oil closed down 0.50% at $78.19 per barrel; Brent crude oil ultimately closed down 0.44% at $82.24 per barrel.