The US employment data is negative, US dollar continues to decline Gold hits a new high, approaching the $2,200 mark

Last Friday, the US dollar index remained volatile in both the Asian and European markets. However, due to an unexpected increase in US unemployment rates in February, the US market experienced a significant drop. However, with the support of higher than expected non farm payroll data, it rebounded and ultimately closed down 0.067% at 102.74. The US Treasury yield fluctuated and consolidated, with the benchmark 10-year US Treasury yield ultimately closing at 4.0769%; The yield on interest rate sensitive 2-year US Treasury bonds ultimately closed at 4.4777%.

Spot gold once again hit a historic high of $2,195.07 per ounce last Friday (March 8th), as rising US unemployment data boosted expectations that the Federal Reserve may soon begin cutting interest rates. Last Friday, spot gold closed at $2,178.58 per ounce, with eight consecutive bullish days and a weekly increase of approximately 4.57%, marking the largest weekly increase since mid October and the third consecutive week of gains. Analysts believe that setting a gold price target of $2,300 per ounce looks more likely to be achieved by the end of the year.

Due to sustained market concerns about demand offsetting the positive news, international oil prices have fallen. WTI crude oil fell 2.05% to $77.93 per barrel; Brent crude oil closed down 1.68% at $82.50 per barrel.