Markets price Fed hikes; USD up 3 days; gold 7-month low; oil -4%.

On Wednesday, the US dollar index remained strong and rose for the third consecutive trading day, reaching a high of 101.8 before closing up 0.19% at 101.56, continuing to reach a 13 month high; The benchmark 10-year Treasury yield closed at 4.391%, while the 2-year Treasury yield sensitive to the Federal Reserve policy rate closed at 4.154%. The global gold market is undergoing a dramatic turning point. On Wednesday (June 24th), spot gold prices fell sharply by 2.7%, ultimately closing at $3998.95 per ounce, not only falling below the key psychological barrier of $4000, but also hitting the lowest point in over seven months. Previously, during trading, the gold price hit a low of $3959.04 per ounce since November 2025. This sharp drop caught gold bulls off guard, who had previously reached historical highs at the beginning of the year, and triggered a market re examination of the long-term trend of precious metals. Amidst the strong rebound of the US dollar index, rising expectations of interest rate hikes by the Federal Reserve, and easing geopolitical tensions, the safe haven aura of gold has temporarily dimmed. On Thursday (June 25th) morning trading in the Asian market, spot gold fluctuated narrowly around the 4000 mark and is currently trading at around $3995 per ounce. As the navigation volume in the Strait of Hormuz increases, international crude oil prices continue to decline, falling back to levels before the outbreak of the Iran conflict. WTI crude oil continued to decline, approaching the $70 mark, and ultimately closed down 4.33% at $70.47 per barrel; Brent crude oil ultimately closed down 4.17% at $73.42 per barrel. For the first time since February, the price difference between Brent crude oil and Brent crude oil has turned