Dollar up; gold ~$4440; US oil < $90.

On Wednesday, as the United States launched a "defensive strike" against Iran, hopes of quickly ending the war became slim. The US dollar index continued its gains from the previous trading day, closing up 0.08% at 99.23; The benchmark 10-year Treasury yield closed at 4.489%, while the 2-year Treasury yield sensitive to the Federal Reserve policy rate closed at 4.041%. On Thursday (May 28, Beijing time), spot gold trading was around $4459 per ounce. Gold prices fell to a two month low on Wednesday, approaching $4400 per ounce, due to market expectations that monetary policy would tighten to curb rising inflation. Although the preliminary informal document of the Iran US memorandum of understanding was disclosed, Trump said he was "dissatisfied" with the current negotiation process. Trump claimed that the US and Iran had not reached an agreement, and the White House denied Iranian media reports. International oil prices fell more than 4%. WTI crude oil ultimately closed down 4.26% at $92.03 per barrel; Brent crude oil ultimately closed down 4.64% at $94.94 per barrel.