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US government reopened, USD fell, Fed cautious on rate cuts, gold down from 3-week high.
Abstract:On Thursday, with the reopening of the US government, the US dollar index continued to decline and fell below the 99 mark at one point, ultimately closing down 0.29% at 99.18; The benchmark 10-year Tr
On Thursday, with the reopening of the US government, the US dollar index continued to decline and fell below the 99 mark at one point, ultimately closing down 0.29% at 99.18; The benchmark 10-year Treasury yield ultimately closed at 4.126%, while the 2-year Treasury yield sensitive to the Federal Reserve policy rate closed at 3.603%. Spot gold rose more than 1% during trading on Thursday (November 13th), reaching a three week high of $4244.96 before rapidly falling back to a 1% decline, reaching a low of $4145.25 per ounce, closing down 0.58% to $4171.22 per ounce.. Traders pointed out that this is a typical “buy news, sell facts” market: the government's reopening eliminates uncertainty, but allows investors to collectively take profits, and the precious metal market is caught up in a collective downward spiral of stocks, bonds, and the US dollar. After a 4% drop in the previous trading day, the bottom of crude oil fluctuated. WTI crude oil remained volatile throughout the day, ultimately closing up 0.12% at $58.51 per barrel; Brent crude oil ultimately closed up 0.22% at $62.57 per barrel.
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