Investors await Powell’s speech, with a stronger US dollar and consolidating gold.

On Thursday, the US dollar index continued to strengthen, rising to a intraday high of 98.67 during trading and ultimately closing up 0.43% at 98.62; The benchmark 10-year US Treasury yield closed at 4.330%, and the 2-year US Treasury yield closed at 3.794%. On Thursday (August 21), spot gold prices fell slightly by 0.3% to close at $3338.45 per ounce.

Behind this decline was a strong 0.45% increase in the US dollar index, reaching a two-week high, making gold priced in US dollars more expensive for overseas buyers. Investors' attention is focused on Federal Reserve Chairman Powell's upcoming speech at the Jackson Hole Conference on Friday, which could reveal the Fed's policy direction and directly affect the future trend of gold.

Due to mutual accusations between Russia and Ukraine, the peace process has stalled, and earlier US data showed signs of strong demand from the largest oil consuming country, with crude oil rising nearly 1%. WTI crude oil returned above $63, ultimately closing up 0.98% at $63.38 per barrel; Brent crude oil ultimately closed up 0.86% at $67.00 per barrel.