The US dollar fell last Friday Gold hit its largest weekly decline in five and a half months due to weakened hopes of interest rate cuts from the Federal Reserve

On May 24th (last Friday), the US dollar fell against a basket of currencies other than the Japanese yen, causing the US dollar index to decline in the overnight market. The day saw weak consolidation, and the US dollar index fell in late trading.

On May 24th (last Friday), gold prices rose slightly by 0.23% to close at $2333.61 per ounce, benefiting from the decline in the US dollar. However, last week it still recorded the largest weekly decline in five and a half months as hopes of a rate cut by the Federal Reserve weakened. Analysts point out that US personal consumption expenditure (PCE) inflation data and comments from Federal Reserve officials may drive the trend of gold in the coming week.

On May 24th (last Friday), the US crude oil contract rose 1.21% to $77.8 per barrel, while the oil contract for August rose 0.91% to $81.85 per barrel.