Market demand for safe haven has rebounded, and the US dollar rose on Thursday Gold prices fall from two-week high, market awaits non-farm data

02 Aug, 2024

On Thursday (August 1st), the US dollar index maintained range volatility, falling nearly 104 points during trading, but then recovering most of the lost ground strongly

On Thursday (August 1st), the US dollar index maintained range volatility, falling nearly 104 points during trading, but then recovering most of the lost ground strongly, ultimately closing up 0.27% at 104.33. The US dollar fell below 149 against the Japanese yen during the Asian session, hitting a new low in four months; The yield of US Treasury bonds continues to decline, with the benchmark 10-year bond yield falling below the 4% mark and closing at 3.982%, and the two-year bond yield closing at 4.158%.

 

On Thursday (August 1st), the gold price hit a two-week high of $2462.17 per ounce due to expectations of a September interest rate cut and safe haven demand. However, the continued rebound of the US dollar caused the gold price to give up its gains, and spot gold closed at $2446.20 per ounce on Thursday. Market focus shifted to the US non farm employment data to be released this Friday.

 

On Thursday (August 1st), concerns about a broader Middle East crisis following the assassination of Hamas leaders did not seem to have affected global supply, and investors are refocusing on demand issues. Crude oil has fallen slightly. WTI crude oil experienced a rapid decline during the US trading session, ultimately closing down 2.13% at $76.37 per barrel; Brent crude oil fell below the $80 mark and ultimately closed down 1.81% at $79.96 per barrel.

 

 

 

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