Fed signals no more cuts; USD rises. Gold hits 4-week high before payroll report.

On Thursday, the US dollar index strengthened for three consecutive days as Trump was expected to impose tariffs on trading partners after taking office, ultimately closing up 0.14% at 109.17.

On Thursday, the US dollar index strengthened for three consecutive days as Trump was expected to impose tariffs on trading partners after taking office, ultimately closing up 0.14% at 109.17. The benchmark 10-year US Treasury yield closed at 4.6880%; The two-year US Treasury yield, which is more sensitive to monetary policy, closed at 4.2720%.

On Friday (January 10th Beijing time), spot gold trading was around $2670.27 per barrel. Gold prices rose to their highest level in nearly four weeks on Thursday, supported by safe haven demand, while investors were also weighing the impact of US President elect Trump's policies on the economy and inflation.

Due to the colder than normal winter this year, global oil demand is expected to remain strong. WTI crude oil ultimately closed up 1.36% at $74.25 per barrel; Brent crude oil closed up 1.42% at $77.21 per barrel.

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