Trade war and rate cuts push both sides, with the US dollar rising and gold at a two-week high.

On Thursday, as Trump's nomination of an interim Federal Reserve governor raised market expectations for a rate cut, the US dollar index plunged during trading and ultimately closed down 0.13% at 98.041. The 10-year US Treasury auction unexpectedly weakened, with US Treasury yields rising. The benchmark 10-year Treasury yield closed at 4.259%, while the 2-year Treasury yield closed at 3.736%. On Friday (August 8th) in Asian morning trading, gold prices surged to $3408.71, setting a new high of over two weeks since July 23rd. Safe haven demand became the core driving force behind the rise in gold prices. The intensification of global trade tensions, weak US labor market data, and the continued rise in expectations of Federal Reserve interest rate cuts have provided strong support for gold. At the same time, geopolitical uncertainty has also contributed to the rise in gold prices. Due to the news of Putin's meeting with Trump triggering market expectations for a ceasefire between Russia and Ukraine, international crude oil prices fell for the sixth consecutive trading day. WTI crude oil went from rising to falling, ultimately closing down 0.69% at $63.22 per barrel, hitting a new two month low; Brent crude oil ultimately closed down 0.65% at $66.16 per barrel.