Trump eyes ousting Fed’s Powell; dollar swings, gold jumps $50.

On Wednesday, rumors that Trump would dismiss Powell caused market volatility, and the US dollar index plunged during trading, ultimately closing down 0.36% at 98.244. The yield of US Treasury bonds initially rose in the short term in the US market, but then fell slightly.

The benchmark 10-year US Treasury yield closed at 4.463%, and the 2-year US Treasury yield closed at 3.959%. On Wednesday (July 16th), the gold market experienced a dramatic fluctuation. In early trading in New York City, due to the strengthening of the US dollar, gold prices fell to a intraday low of $3319.58 per ounce.

However, Bloomberg's report that “Trump is considering firing Federal Reserve Chairman Powell” instantly ignited market risk aversion, and gold prices surged over $50, hitting a three week high of $3377.17. However, the plot reversed again - Trump quickly denied the layoff plan, and the price of gold narrowed to 0.68%, ultimately closing at $3347.38. As market focus shifted to expectations of a global oil supply surplus later this year, international oil prices fell for the third consecutive day. WTI crude oil generally fell first and then rose, ultimately closing down 0.35% at $65.63 per barrel; Brent crude oil closed down 0.32% at $68.04 per barrel.