Trade tensions and lower Treasury yields pushed the dollar down and gold to a five-week high.

On Tuesday, as trade tensions and the conflict between the White House and the Federal Reserve continued, the US dollar index continued to decline, with a sustained decline at the beginning of the session and ultimately closing down 0.5% at 97.322. The yield of US Treasury bonds fell across the board, with the benchmark 10-year yield closing at 4.35% and the 2-year yield closing at 3.852%. On Tuesday (July 22), spot gold prices surged above the $3400 mark, reaching a high of $3433.37 per ounce during trading, setting a new high since June 16 and closing up 1% to $3431.59 per ounce. The strong rise of gold price is not only driven by the uncertainty of global trade, but also driven by the decline of US dollar and US treasury bond bond yields. Due to the increasingly urgent negotiations between the United States and its trading partners, concerns about a slowdown in the demand outlook for the oil market have led to a third consecutive trading day of lower international oil prices. WTI crude oil once fell below the $65 mark, but rebounded slightly in the late trading, ultimately closing down 0.52% at $65.34 per barrel; Brent crude oil closed down 0.47% at $68.06 per barrel.