Fed officials' hawkish speeches stimulated the rise of the US dollar on Tuesday Gold slightly declined, following speeches from Fed officials

On Tuesday (May 7th), the US dollar index steadily rose, dropping to an intraday low of 105.04 before the US market. It then regained all lost ground and turned higher, ultimately closing up 0.27% at 105.37. The 10-year US Treasury yield continued to decline, closing at 4.462%. The yield on the 2-year US Treasury, which is most sensitive to the Federal Reserve's policy interest rates, ultimately closed at 4.832%.

On Tuesday, May 7th, gold prices fell after rising in the previous trading day. The Israeli military seized the Rafah port and blocked the aid route. The United States still believes that it can break the ceasefire deadlock and suppress the safe haven demand for gold. However, the decline in gold prices is not significant as traders are still concerned about the prospect of interest rate cuts by the Federal Reserve.

Due to signs of easing supply tension and unexpected increase in API crude oil inventories, crude oil has fallen. WTI crude oil fell to an intraday low of $77.36 on Tuesday (May 7), then regained some lost ground and ultimately closed down 0.41% at $78.11 per barrel; Brent crude oil closed down 0.51% on Tuesday (May 7th) at $82.92 per barrel.