Macro data showed divergence, with a significant rise last Friday; geopolitical tensions have escalated, and gold prices have risen back above 2710
Last Friday, the market generally believed that Trump's rise to power would boost the US dollar, and the weakening of expectations for Fed rate cuts next year further supported the dollar's movement. The US Dollar Index briefly surpassed the 108 mark, reaching a 13-month high, the first time since November 2022. The index ultimately closed up by 0.43%, at 107.49. The benchmark 10-year US Treasury yield closed at 4.4410%, while the 2-year US Treasury yield, which is more sensitive to monetary policy, closed at 4.3840%.
On the same day, COMEX gold futures rose by 1.62%, closing at $2718.2 per ounce, while COMEX silver futures increased by 1.49%, closing at $31.405 per ounce.
Additionally, OPEC+ may announce a delay in production increases in December, causing international oil prices to rise. WTI crude oil closed up by 1.48%, at $71.12 per barrel, and Brent crude oil closed up by 1.08%, at $75.05 per barrel.
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