Fed rate cut expectations rise, US dollar under pressure, gold up for 3 days, eyeing $3400.

On Monday, the US dollar index fluctuated sideways and ultimately closed up slightly by 0.05% at 98.708. The yield of US Treasury bonds fluctuated downwards, with the benchmark 10-year yield closing at 4.197% and the 2-year yield closing at 3.679%. Affected by weak US economic data, rising expectations of Federal Reserve interest rate cuts, and intensified global trade tensions, spot gold continued its gains from last Friday on Monday (August 4), hitting a high of $3385.26 per ounce during trading and closing at $3373.38 per ounce, the highest level since July 24, with an increase of about 0.3%, marking three consecutive trading days of gains. Due to OPEC+'s significant increase in production once again offsetting market concerns about potential supply shortages caused by Russian oil sanctions, international crude oil fell to a one week low. WTI crude oil opened low and closed down 1.47% at $65.67 per barrel; Brent crude oil ultimately closed down 1.18% at $68.53 per barrel.