Bond market turmoil and stronger dollar keep gold near $3300.

On Thursday, after three consecutive days of decline, the US dollar index rebounded and briefly returned above the 100 mark, but failed to hold steady at this level, ultimately closing up 0.32% at 99.93. The benchmark 10-year US Treasury yield closed at 4.540%; The two-year US Treasury yield, which is more sensitive to monetary policy, closed at 4.001%.

After rising in the first three trading days of this week, the Asian gold price briefly hit a two-week high of $3345 on Thursday, then sharply declined and finally closed around $3294. Behind this dramatic turn lies a fierce struggle between the strengthening of the US dollar, the volatility of US bonds, and geopolitical changes.

Due to reports that OPEC+is discussing increasing production in July, concerns about oversupply in the oil market have intensified. Oil prices fell by over 1% in the past two days. WTI crude oil continued to decline in the Asian market and rapidly plunged in the European market, approaching the $60 mark. However, it regained some lost ground during the US trading session and ultimately closed down 0.91% at $60.64 per barrel; Brent crude oil closed down 0.95% at $63.55 per barrel.