Abstract:Gold rebounded due to the weakness of the US dollar, while oil prices rebounded to stop three weeks of continuous decline
Gold rebounded due to the weakness of the US dollar, while oil prices rebounded to stop three weeks of continuous decline
The downward pressure on the US dollar continues unabated
On Monday (November 13), before the release of the US consumer price index (CPI), spot gold rebounded slightly due to the weakness of the US dollar and the decline in the yield of US treasury bond bonds. As the yield of US treasury bond bonds declined, the US dollar weakened as a whole, and gold prices rose due to some buyers.
Crude oil prices have rebounded, and traders are waiting for this week's industry report to confirm whether the recent decline is excessive. Goldman Sachs analysts said that the resurgence of demand concerns has driven the sell-off, but consumption remains strong throughout the year and may continue to maintain this momentum in 2024.
Most traders are seeking the release of the US Consumer Price Index (CPI). Previously, a New York Fed poll showed that one-year inflation expectations were cooling, while prices in October were expected to drop to 3.3% from 3.7% in the same period last year. The core CPI is expected to be 4.1%, which is consistent with the previously recorded data. The yield of US treasury bond bonds rose slightly on Monday. In late New York on Monday (November 13), the yield of US benchmark 10-year treasury bond fell 1.79 basis points to 4.6340%, and intraday trading was between 4.6956% and 4.6221%. The two-year US Treasury yield fell by approximately 3.00 basis points, hitting a daily low of 5.0306%, while the US stock market initially rose to a daily high of 5.0793%. The yield difference between the three month Treasury bill and the 10-year US Treasury bond fell 3.208 basis points to -79.416 basis points. The yield spread of the 02/10 year US Treasury bond increased by 0.768 basis points to -40.280 basis points. The yield of 10-year inflation protected treasury bond bonds (TIPS) fell 1.30 basis points to 2.3073%.
Gold prices have conquered $2010 and hit a six-month high, Oversupply expectations cover the oil market, Oil prices continue to be under pressure before the OPEC+meeting
On Friday (November 24th), gold prices broke through $2000 per ounce, and there were almost no trading leads during the US market holiday. The focus now is on upcoming business activity data to find more clues about the world's largest economy. Gold has risen for the second consecutive week, and the market is increasingly convinced that the Federal Reserve has completed its interest rate hike.
The US dollar weakened, while gold slightly rose during Thanksgiving OPEC+postpones meeting, oil prices continue to decline
Market trading is light before Thanksgiving holiday Initial application and other data support the rebound in US dollar and US bond yields