Traders expect a Fed rate cut, weakening the US dollar; gold hits 5-week high.

On Thursday, the US dollar index fluctuated and fell, rebounding during trading due to better than expected US GDP and initial application data, but ultimately closed down 0.29% at 97.859. The yield of US Treasury bonds fluctuated, with the benchmark 10-year bond yield closing at 4.209% and the 2-year bond yield closing at 3.637%. The spot gold price broke through the psychological barrier of $3400 on Thursday, reaching a high of $3423.02 per ounce, setting a five week high since July 23. Behind this surge in gold prices are multiple factors such as the weakening of the US dollar, concerns about the independence of the Federal Reserve, and the influx of safe haven funds. The personal consumption expenditure (PCE) data to be released on Friday is considered the most important inflation indicator for the Federal Reserve, and investors need to pay close attention to it. Due to the almost hopeless meeting between the leaders of Russia and Ukraine, which dampened hopes for a peace process between the two countries, international crude oil reversed its downward trend during trading and achieved two consecutive bullish days on the weekly chart. WTI crude oil recovered from the $64 mark, ultimately closing up 0.69% at $64.09 per barrel; Brent crude oil ultimately closed up 0.68% at $67.62 per barrel.