Market awaits Powell’s speech; USD up Tuesday, gold falls.

On Tuesday, the US dollar index fluctuated back and forth around the 98 level during the day, ultimately closing up 0.12% at 98.24; The benchmark 10-year US Treasury yield closed at 4.309%, and the 2-year US Treasury yield closed at 3.759%. On Tuesday, spot gold prices fell slightly by 0.5%, closing at $3317.71 per ounce, and even hit the lowest point since August 1st at $3314.80, approaching support near the 100 day moving average of $3311.15. This fluctuation is not an isolated event, but is influenced by multiple factors such as the strengthening of the US dollar, geopolitical uncertainty, and expectations of Federal Reserve policies. As traders began to bet that the Russia-Ukraine conflict might end, the sanctions on Russian crude oil might be eased, thus increasing global supply, and crude oil corrected. WTI crude oil continued to decline during the day, ultimately closing down 0.98% at $61.92 per barrel; Brent crude oil ultimately closed down 0.74% at $65.46 per barrel.