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The situation between Russia and Ukraine and the interest rate hike bets triggered fluctuations in gold and silver, with Gate XAG and XAU contracts maintaining a leading position in industry trading volume

The unresolved ceasefire between Russia and Ukraine has led to a rebound in crude oil prices, and the market's bets on another interest rate hike before the end of the year are heating up, putting pressure on the gold and silver markets once again. According to CoinGlass data, gold (XAU) is currently priced at $4,183.22, with a 24-hour decline of 0.61%; silver (XAG) is currently priced at $60.25, with a 24-hour decline of 1.42%.During the market fluctuations, the trading volume of related contracts on Gate has continued to rise: the trading volume of Gate silver contracts reached $124 million in 24 hours, ranking second in the industry; the trading volume of Gate gold contracts reached $363 million in 24 hours, firmly holding third place in the industry; meanwhile, the open interest of Gate XAU gold contracts reached $411 million, ranking second in the industry.Gate has pioneered the trading sector for perpetual metal contracts and CFD contracts, covering mainstream metal trading targets such as gold, silver, and platinum, supporting 24/7 trading and USDT settlement. Relying on Gate's innovative unified account system, users can configure diverse assets such as stocks, metals, foreign exchange, indices, and commodities without cross-platform operations, helping users achieve a more flexible and efficient one-stop global asset strategy layout amid volatile markets.

first_img Cuomo: The cryptocurrency industry bets heavily on the Republican Party, distancing itself from the Democratic Party

Former New York Governor Andrew Cuomo stated during a panel discussion at the Token2049 conference with OKX CEO Star Xu that if the cryptocurrency industry wants to push for federal-level cryptocurrency legislation, it must maintain a balance between supporting the Democratic and Republican parties. He pointed out that the industry previously "believed that heavy investment in the Republican Party" would help pass the CLARITY Act, but "when you heavily invest in the Republican Party, you inherently alienate the Democratic Party."According to data tracked by Tech Influence Watch, cryptocurrency-related political action committees have spent $54.3 million supporting the Republican Party and $26.2 million supporting the Democratic Party in the 2026 election cycle, with an additional $23.2 million spent opposing Democratic candidates. Cuomo stated that passing legislation requires support from both the Democratic and Republican parties and should be more balanced. He also refuted the notion that the Democratic Party is inherently opposed to cryptocurrency, arguing that cryptocurrency is actually well-suited for the Democratic Party because it empowers individuals who previously could not access financial products. Prediction market Kalshi data shows that the probability of the Democratic Party winning both houses of Congress is about 61%.In terms of background, the House of Representatives passed the CLARITY Act in July 2025 with the support of 78 Democratic representatives and 216 Republican representatives, while 134 Democratic representatives voted against it; in June 2025, the Senate passed the GENIUS Act with support from 18 Democratic senators.

The Federal Reserve raised interest rates by 25 basis points, and Waller stated that the issue lies with inflation, while the market bets on three more rate hikes next year

The Federal Reserve's FOMC unanimously decided to raise interest rates by 25 basis points, adjusting the target range for the federal funds rate to 3.75% - 4%, marking the first rate hike since July 2023. The latest dot plot shows that 16 officials expect at least one more rate hike by 2026, with the median rate expectations for 2027 and 2026 both at 4.1%.Federal Reserve Chairman Waller stated that recent data shows the U.S. economy is performing strongly, and the labor market remains resilient, but inflation is too high and has persisted for too long. The FOMC is currently not confident that inflation is moving toward the 2% target. He mentioned that the main issue for the current economy is not growth, but inflation. Waller also noted that the rise in U.S. Treasury yields is primarily driven by a strong U.S. economy, increased capital competition, and geopolitical factors.From the announcement of the decision to Waller's press conference, spot gold briefly fell by about $100, the U.S. dollar index rose by about 40 points and broke through the 100 mark, the 2-year U.S. Treasury yield rose by about 10 basis points, and the 10-year yield rose by about 5 basis points, with U.S. stocks turning lower across the board. Interest rate futures are currently pricing in an additional rate hike of about 33 basis points this year and expect a cumulative increase of about 75 basis points by June next year.
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