The 'terrifying data' failed to reverse the expectation of interest rate hikes Gold surges by $40, reaching a new historical high

On Tuesday (July 16th), due to higher than expected retail sales data, the US dollar index rose to 104.51 at one point. However, as the market weighed the possibility of the Federal Reserve cutting interest rates, the US dollar index subsequently gave up all its gains of the day and ultimately closed down 0.01% at 104.24. The benchmark 10-year US Treasury yield closed at 4.1630%, and the two-year US Treasury yield closed at 4.4260%.

Gold prices surged over $40 on Tuesday (July 16), setting a record high and closing at $2468.57 per ounce, an increase of about 192%. After Federal Reserve officials reinforced their expectations of a September rate cut, investors flocked to safe haven gold.

On Tuesday (July 16th), international oil prices fell due to market concerns about a slowdown in Asian demand. WTI crude oil closed down 1.47% at $80.73 per barrel; Brent crude oil ultimately closed down 1.20% at $83.81 per barrel.