USD down on Fed rate cut hopes; gold retreats from $4020.

On Thursday, the US dollar index continued to decline throughout the day, breaking the 100 mark and expanding its decline during the US trading session, ultimately closing down 0.45% at 99.67. The benchmark 10-year Treasury yield ultimately closed at 4.088%, while the 2-year Treasury yield sensitive to the Federal Reserve policy rate closed at 3.570%. On Thursday morning, the gold price surged nearly 1%, approaching the $4020/ounce mark, but abruptly stopped during the New York session, giving up all gains and ultimately closing at $3976.85/ounce, almost unchanged from the previous trading day. On the one hand, safe haven funds flooded in, driving a brief rise in gold prices; On the other hand, the drag effect of the sharp decline in the US stock market has led investors to turn to cash as a safe haven As the market is still worried about oversupply, crude oil fell for the fourth day in a row. WTI crude oil once returned to above the US $60 threshold in the European session, but then fell quickly, and accelerated its decline before the US session, erasing all the gains in the day, and finally ended 0.13% lower at US $59.40 per barrel; Brent crude oil ultimately closed down 0.18% at $63.21 per barrel.