Fed rate cut up, USD down. Risks ease, gold volatile, awaiting PCE.

On Thursday, due to media reports that Trump was considering announcing Powell's successor as early as September, the US dollar index fell below 97 during trading, marking the first time since March 2022, and ultimately closed down 0.37% at 97.35 points. The benchmark 10-year US Treasury yield closed at 4.2390%, and the 2-year US Treasury yield closed at 3.7280%. The 5-year/30-year yield spread in the United States has exceeded 101 basis points, the steepest since 2021. Gold, as a safe haven asset and value storage tool in the global financial market, its price fluctuations have always touched the heartstrings of investors. The global gold market presents complex and striking dynamics under the interweaving of multiple factors. Gold prices have remained stable recently, and investors are closely monitoring the upcoming release of US inflation data and the easing of geopolitical tensions in the Middle East. At the same time, the strong rise in platinum and palladium prices, as well as the linkage reaction of the US stock market, bond market, and foreign exchange market, have added more uncertainty to the future trend of the gold market. On Friday (June 27th) morning trading in the Asian market, spot gold fluctuated slightly lower and is currently trading around $3323.28 per ounce. With the arrival of the summer driving season, US crude oil inventories have decreased due to increased demand, and oil prices rose slightly on Thursday. WTI crude oil closed up 0.43% at $65.16 per barrel; Brent crude oil closed up 0.47% at $67.91 per barrel.