The US dollar gained as trade concerns eased, and gold tested $4000 support.

On Wednesday, the US dollar index paused its upward trend after three consecutive days of gains, briefly surpassing the 99 mark before closing 0.08% lower at 98.89, marking a one-week low. US Treasury yields consolidated at low levels, with the benchmark 10-year yield closing at 3.9510% and the 2-year yield, which is sensitive to the Federal Reserve's policy interest rate, closing at 3.4510%. Due to the easing of concerns over the international trade situation and the potential for peace between Russia and Ukraine, spot gold prices fell nearly 3% to $4004.46 per ounce during trading on Wednesday. However, expectations of a Federal Reserve interest rate cut continued to support gold prices, and the meeting between Trump and Putin was temporarily postponed. The US government shutdown also continued, attracting bargain hunters once again. The upward surge in the US dollar index also provided support for gold prices, which rebounded to $4161.20 per ounce and closed at $4098.29 per ounce, narrowing the decline to 0.64%. Bessent stated that sanctions against Russia would be “significantly increased”, and subsequently, the US Treasury Department announced sanctions on two major Russian oil companies, leading to a surge in international oil prices. WTI crude oil closed up 3.13% at $59.37 per barrel, while Brent crude oil closed up 4.33% at $64.36 per barrel.