Fed's rate cut bet weakens, USD rebounds Thursday, gold drops.

On Thursday, the US dollar index rebounded slightly, but later expanded its gains and returned above the 98 level due to the higher than expected July PPI index in the United States, which may suggest that inflation will generally rise in the coming months. The US dollar index ultimately closed up 0.43% at 98.17; The benchmark 10-year US Treasury yield closed at 4.290%, and the 2-year US Treasury yield closed at 3.741%. Gold prices suffered a heavy drop on Thursday, with spot gold falling 0.6% to $3335.25 per ounce and futures gold closing 0.7% lower at $3383.2. The latest economic data released by the United States is like a bucket of cold water, extinguishing market expectations for a radical interest rate cut by the Federal Reserve, leading to a wave of selling of gold, a traditional safe haven asset. Crude oil has rebounded, reaching a new high in nearly a week during trading. WTI crude oil fluctuated and rose sharply before the US market, ultimately closing up 1.54% at $63.06 per barrel; Brent crude oil ultimately closed up 1.46% at $66.29 per barrel.