US inflation boosts dollar to 3-week high; gold consolidates, bullish trend intact.

On Tuesday, after the mild inflation report sparked speculation that the Federal Reserve might temporarily keep interest rates unchanged, the US dollar index continued to rise, ultimately closing up 0.54% at 98.596. US bond yields climbed, with the benchmark 10-year US bond yield closing at 4.488%, the two-year US bond yield closing at 3.959%, and the 30-year treasury bond bond yield rising to 5% for the first time since June. On Wednesday (July 16th) morning trading in the Asian market, spot gold fluctuated slightly higher and is currently trading around $3330 per ounce. Trump said he will soon send tariff letters to small countries, with tax rates slightly higher than 10%, providing safe haven support for gold prices. On Tuesday, gold prices fell 0.5% to close at $3324.68 per ounce, barely holding above the 55 day moving average of $3222. This was due to the largest increase in the US CPI in June since January, which helped the US dollar index reach a new high in nearly three weeks. US bond yields rose to a 6-week high, suppressing the trend of gold prices. Due to Trump's threat of sanctions against Russia accompanied by a 50 day buffer period, international oil prices continued to decline, despite concerns in the oil market about immediate supply disruptions. WTI crude oil fluctuated and fell, ultimately closing down 0.35% at $65.63 per barrel; Brent crude oil closed down 0.39% at $68.26 per barrel.