Fed officials opposed the Dec rate cut, USD strengthened, and gold prices consolidated.

Last Friday, due to multiple Fed officials publicly expressing their opposition to a rate cut in December, the US dollar index continued to strengthen and recorded its best monthly performance since July, ultimately closing up 0.25% at 99.70. The benchmark 10-year Treasury yield ultimately closed at 4.079%, while the 2-year Treasury yield, which is sensitive to Fed policy rates, closed at 3.582%. Last week, gold prices continued to correct, hitting a two-week low of $3,886 on Tuesday (October 28). However, gold prices rebounded sharply on Thursday, and despite a slight decline on Friday (October 31), with spot gold falling 0.5% to close at $4,002.94 per ounce, gold prices for October rose 3.7%, marking the third consecutive monthly gain. Last Friday, multiple Fed officials delivered hawkish speeches, reducing the probability of a rate cut in December again, and the US dollar index hit a three-month high, putting pressure on gold prices. However, the market sentiment was relatively cautious, as the US government was nearing its longest shutdown in history and international geopolitical tensions remained volatile, still providing support for gold prices. Crude oil continued to be disrupted by news, with oil prices suddenly rising due to media reports that the US might launch airstrikes on Venezuela, but falling back after US President Trump issued a denial statement on social media. WTI crude oil once again traded above $61, ultimately closing up 0.96% at $60.66 per barrel; Brent crude oil ultimately closed up 0.88% at $64.47 per barrel.