Fed rate cut hopes fade, USD rises; gold stable, but $4000 break ends consolidation.

On Wednesday, as economic data eased concerns about the US economy and labor market, prompting investors to weigh the possibility of the Federal Reserve cutting interest rates again this year, the US dollar index fluctuated above the 100 mark and ultimately closed down 0.06% at 100.12. The benchmark 10-year Treasury yield ultimately closed at 4.160%, while the 2-year Treasury yield sensitive to the Federal Reserve policy rate closed at 3.638%. On Wednesday, the gold price rose 1.2%, reaching a high of $3990.24 and closing at $3978.95, just one step away from the integer level of $4000! Due to bargain hunting and safe haven buying, gold prices were supported. However, ADP employment data was stronger than market expectations, and ISM non manufacturing PMI data also showed strong performance. Market expectations for the Fed's December interest rate cut cooled, and the US dollar index hit a nearly five month high. US bond yields surged to a nearly one month high, causing concerns among bulls. Due to market concerns about oversupply, crude oil continued to decline. WTI crude oil fluctuated downward during the day and accelerated its decline during the US trading session, ultimately closing down 1.28% at $59.48 per barrel; Brent crude oil ultimately closed down 1.27% at $63.32 per barrel.