Economic data provides support, the US dollar fell slightly on Thursday Gold price drops by over $30, temporarily finds support above $2,350

On Thursday (July 25th), as the market awaited the release of PCE data for June in the United States, the US dollar index remained in a range of fluctuations, hitting a low of 104.08 and ultimately closing up 0.06% at 104.39. The benchmark 10-year US Treasury yield closed at 4.2470%, and the two-year US Treasury yield closed at 4.4390%.

On Thursday (July 25th), gold prices fell more than $30, briefly falling below the key position of the 55 day moving average of $2360.70 during trading, and hitting a low of $2353 per ounce, closing at $2364.39 per ounce. On the one hand, some bulls took profits after the recent rise, and on the other hand, the US Q2 GDP growth rate rebounded and was stronger than market expectations, reflecting that the US economy is much stronger than people realize, providing support for the US dollar and US Treasury yields, putting significant pressure on gold prices.

On Thursday (July 25th), due to wildfires in the Canadian oil sands center, the market was concerned about the impact on crude oil supply, and WTI crude oil rebounded, ultimately closing up 1.08% at $78.31 per barrel; Brent crude oil ultimately closed up 1.10% at $82.38 per barrel.