Trump trade continues, US dollar rises on Wednesday Gold may fall towards $2500
On Wednesday, due to the expected rebound of the US CPI in October, the US dollar index remained strong and unchanged, ultimately closing up 0.522% at 106.48, setting a new high for the year. The collective surge in US bond yields, with the benchmark 10-year US bond yield closing at 4.468%; The two-year US Treasury yield, which is more sensitive to monetary policy, closed at 4.294%.
The US CPI for October met market expectations, and expectations for a Fed rate cut in December heated up. On Wednesday, spot gold rose and fell back, ultimately closing down 0.98% at $2572.93 per ounce. Spot silver ultimately closed down 1.24% at $30.34 per ounce.
International crude oil has rebounded under the push of short covering, but the strong US dollar has limited its gains. The WTI crude oil market experienced a V-shaped reversal, ultimately closing up 0.1% at $67.91 per barrel; Brent crude oil closed up 0.21% at $71.76 per barrel.
Gold is in a range, but testing its upper bound
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