Fed rate cut expectations weakened the USD, pushing gold to new highs.

On Monday, due to investors rethinking the Federal Reserve's interest rate cuts and future plans, the US dollar index rose first and then fell, ending its three consecutive daily gains and ultimately closing down 0.38% at 97.30. The benchmark 10-year Treasury yield closed at 4.153%, while the 2-year Treasury yield sensitive to the Federal Reserve policy rate closed at 3.622%.

Spot gold rose 1.7% to $3746.47 per ounce on Monday, as investors' strong expectations for further interest rate cuts by the Federal Reserve, coupled with continued safe haven demand triggered by geopolitical uncertainty, attracted a large amount of funds into the gold market, driving its price to soar and continuously break historical records.

Due to market concerns over oversupply outweighing the impact of geopolitical tensions in Russia and the Middle East, international crude oil prices continue to decline. WTI crude oil first rose and then fell, accelerating its decline during the European trading session, wiping out all intraday gains, and finally closing down 0.06% at $62.25 per barrel; Brent crude oil ultimately closed down 0.08% at $66.03 per barrel.