Safe-haven demand drops; USD falls, gold hits record highs.
On Wednesday, the US data was mixed, and Federal Reserve officials spoke cautiously. The US dollar index continued to decline, closing down 0.36% at 107.62. The yield of US two-year treasury bond bonds fell to the lowest level since December 12 last year, closing at 4.19%. The benchmark 10-year US Treasury yield fell to its lowest point since mid December last year, closing at 4.42%. The yield spread between two-year and 10-year treasury bond bonds was the narrowest since December 23.
Gold prices continued to hit a historic high on Wednesday, reaching a high of $2882.25 per ounce and closing at $2867.31 per ounce. This was due to investors seeking safe haven assets amid escalating concerns about international trade conflicts and their potential impact on economic growth. On the other hand, the January ISM Services PMI in the United States performed worse than expected, with 10-year US Treasury yields falling more than 2% to a nearly one and a half month low, providing upward momentum for gold prices.
Gold is in a range, but testing its upper bound
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