Powell's hawkish stance boosted the dollar, while gold stabilized above $4000.

On Thursday, influenced by Powell's hawkish attitude, the US dollar index strengthened, ultimately closing up 0.38% at 99.51. The benchmark 10-year US Treasury yield closed at 4.0990%, while the 2-year US Treasury yield, which is sensitive to the Fed's policy interest rate, closed at 3.6160%. On Thursday (October 30), the gold market staged a stunning reversal, fluctuating and rising from a low of 3915 at the beginning of the trading session, recovering to the 4000 mark, peaking at $4026.88/oz, and closing at $4024.18/oz, an increase of about 2.4%, the largest single-day increase since the record high set on October 20. Behind this fierce offensive, the dual factors of the Fed's scheduled interest rate cut and the looming trade truce between China and the US intertwined and fermented, allowing the "non-yielding" gold to shine again amidst the dual protective moats of low interest rates and uncertainty. Market participants bluntly stated, "As soon as the details of the trade agreement were released, a sense of emptiness overwhelmed us, and the safe-haven sentiment instantly ignited the engine of gold prices." On Friday (October 31), in early Asian trading, spot gold once continued its overnight rally, surging to $4046.13/oz, and currently falling back to around $4025/oz. Traders are evaluating the impact of US sanctions, and international oil prices are fluctuating within a narrow range. WTI crude oil ultimately closed down 0.08% at $60.16/barrel; Brent crude oil ultimately closed down 0.28% at $64.02/barrel.