USD rose as Trump eased trade stance, gold dropped 2%.

Last Friday, Trump softened his previously tough stance on trade, boosting the US dollar index, which ultimately closed up 0.2% at 98.54, ending a three-day losing streak. The benchmark 10-year US Treasury yield closed at 4.0140%, while the 2-year US Treasury yield, sensitive to the Federal Reserve's policy interest rate, closed at 3.470%. In the Asian session on Monday, spot gold briefly surged to a high of $4,274.53 per ounce, benefiting from the surge in safe-haven demand brought about by renewed fighting in the Middle East. However, it quickly gave up its gains and hovered around $4,247.30, reflecting expectations of a relaxation in the international trade situation. This is not just a reflection of short-term fluctuations, but also a market mirror image under the interplay of multiple international factors: from geopolitical tensions to subtle shifts in US-China trade relations, to the continued fermentation of expectations for the Federal Reserve's interest rate cuts, as well as the interference of the US dollar's trend, all profoundly influence the direction of gold prices. Trump and Putin planned to meet in Budapest, sparking hopes for an end to the Russia-Ukraine conflict. As a result, WTI crude oil ultimately closed up 0.65% at $57.24 per barrel, while Brent crude oil closed up 0.69% at $61.26 per barrel.