Market risk appetite improved, US dollar fell on Wednesday Gold prices are hindered from rising, the market is waiting for the US CPI index

On Wednesday (July 10th), as Powell did not weaken the market's expectation of interest rate cuts, the US dollar index fell to around the 105 level and ultimately closed down slightly by 0.118% at 105.01. The yield on US Treasury bonds slightly decreased, with the benchmark 10-year yield closing at 4.29% and the two-year yield closing at 4.63%.

On Wednesday (July 10th), gold prices rose and fell as Federal Reserve Chairman Powell gave testimony in the Senate on Tuesday to “warm up” the September interest rate cut. The market expected that US inflation growth would slow down, and gold prices briefly rose to around $2386 on Wednesday. However, Powell's testimony in the House of Representatives was more cautious on Wednesday, causing gold prices to recoup and close at around $2371.07 per ounce. In addition, increasing expectations of a possible ceasefire agreement between Israel and Gaza have also suppressed the safe haven buying demand for gold.

On Wednesday (July 10th), US crude oil and gasoline inventories significantly decreased last week, easing traders' concerns about demand, and international oil prices rebounded from their lowest point in nearly two weeks. WTI crude oil rose 0.8% to close at $82.4 per barrel; Brent crude oil ultimately closed up 0.49% at $85.37 per barrel.