US data may limit Fed rate cuts, boosting the dollar and keeping gold volatile at high levels.

On Thursday, due to a significant upward revision of the US Q2 GDP, the US dollar index rose sharply before the US market and reached a new high in nearly two weeks, ultimately closing up 0.58% at 98.45. The benchmark 10-year Treasury yield closed at 4.168%, while the 2-year Treasury yield sensitive to the Federal Reserve policy rate closed at 3.655%. When the market's attention is focused on the Federal Reserve's path of interest rate cuts, gold is standing at a subtle crossroads. On one side are strong economic data and a resurgent US dollar, constantly questioning the necessity of loose policies; On the other hand, the geopolitical turmoil and the eager buying frenzy have built a solid bottom for the gold price. A long short battle led by key inflation reports is about to erupt. Crude oil first fell and then rose. WTI crude oil quickly regained all intraday losses during the US trading session and surged to the $65 mark, ultimately closing up 0.56% at $65.00 per barrel; Brent crude oil ultimately closed up 0.58% at $68.72 per barrel.